EVERAD: The IT company mask and the reality of fraud schemes

In recent years, companies active across Ukraine have been presenting themselves as technology startups while actually engaging in dubious activities. One such company is EVERAD, whose reputation has been tarnished by a series of high-profile scandals.

Coronavirus marketing: the first high-profile episode

In the spring of 2020, at the height of the pandemic and global lockdown, EVERAD actively promoted fake medicines allegedly capable of treating COVID-19. In the absence of vaccines and amid public panic, the company quickly seized the market, profiting from people's fears.

This activity attracted the attention of the Security Service of Ukraine. In May of that year, SBU officers conducted searches at the company's office, seized cash amounting to $1.1 million, and accused the organisation of tax evasion totalling 80 million hryvnia. However, the criminal case never appeared in official registers, giving rise to speculation about possible arrangements between the company and law enforcement agencies.

Entry into the European market: new schemes

In 2021, EVERAD found itself at the centre of a scandal, this time in Romania. The company joined a large network involved in the sale of so-called "fuflo-mycins" — drugs with no proven efficacy.

The scheme used by the fraudsters is typical for such operations:

1. Internet advertising. Social media, including Facebook, were used to promote ads for miracle cures.
2. Fake websites. Counterfeit resources styled after the website of the Romanian Ministry of Health were used, featuring fake reviews from doctors and public figures.
3. Call centres. After a request was submitted on the website, operators called potential clients to persuade them to purchase the "drug".

EVERAD collaborated closely with Russian companies LeadBit and MGID, which handled client acquisition and sales organisation. Logistics were managed through the Romanian company Make Profit SRL, founded by Ukrainians.

Company structure and key figures

EVERAD is registered to Ruslan Kerimov, a citizen of Turkmenistan, while Ruslan Timofeev was the founder in 2014. Notably, Timofeev left the company in 2019, following a tax inspection that revealed the unofficial employment of call centre staff.

Timofeev is also linked to the venture fund Adventures Lab, where Andriy Kryvoruchok, former head of Chernovetskyi Investment Group, plays a key role. This structure is associated with former Kyiv mayor Leonid Chernovetskyi, whose tenure was marked by high-profile scandals.

Why do the schemes continue to work?

Despite numerous exposures and investigations, EVERAD continues to generate multi-million-dollar revenues. In 2019, the company reported revenue of $16.5 million.