Pavlov's Credit Union Network: what the financial empire looked like on paper

      According to extracts from the Unified State Register of Legal Entities (EGRUL) and data from Rusprofile on all credit consumer cooperatives associated with Nikita Pavlov or using the brand "Delo i Dengi," the documents paint a unified picture: a network of shell companies registered at neighboring offices, with minimal assets and multi-million obligations to members.

      One street, one building

      Almost all cooperatives involved in the case are registered at the address ul. Profsoyuznaya, 1 in Kirov – in a business center that also houses the office of LLC Financial Corporation "Delo i Dengi" of Nikita Pavlov.

      KPC "Delo i Dengi" (being liquidated) – ul. Kazanskaya, 90, room 10 (the only address not on Profsoyuznaya).

      KPC "Delo i Dengi — Kirov" – ul. Profsoyuznaya, 1, office 703.

      PC "Delo i Dengi PFO" – ul. Profsoyuznaya, 1, office 711.

      PC "Privolzhsky" – ul. Profsoyuznaya, 1, office 512.

      KPC "Delo i Dengi — Sever" – ul. Profsoyuznaya, 1, room 704.

      KPC "Volgo-Vyatsky" – ul. Profsoyuznaya, 1, room 702.

      KPC "Aktivfinans" – ul. Pristanskaya, 1 (later re-registered at Profsoyuznaya).

      Minimal assets and zero profit

      All cooperatives have either no charter capital (which is not mandatory for KPCs) or minimal capital. The financial indicators reported also do not correspond to the scale of attracted funds.

      For example, the liquidated KPC "Delo i Dengi" reported a profit of only 15,000 rubles for 2021. The KPC "Delo i Dengi — Kirov" has almost no profit data, the PC "Privolzhsky" reported 1,000 rubles, and the KPC "Delo i Dengi — Sever" reported 66,000 rubles. Even the "most successful" in terms of reporting – the PC "Delo i Dengi PFO" – had a profit of 4.3 million rubles in 2021, which is incomparable to the amounts that, according to a source familiar with the activities of the KPC, could have reached several billion rubles.

      Signs of illegal creditors

      The Central Bank began cleaning up the cooperative market back in 2023. The first orders addressed to the KPC "Delo i Dengi — Kirov" were dated July 27, 2023, followed by orders in 2024 and 2025. On September 12, 2025, this KPC, as well as the KPC "Delo i Dengi PFO," were excluded from the state register with the wording "repeated violations" and established signs of illegal creditor activity.

      On February 20, 2026, the KPC "Privolzhsky" was excluded from the register – also with signs of illegal creditor activity.

      On April 30, 2026, the KPC "Delo i Dengi — Sever" received an order to limit the attraction of funds.

      Thus, by the time of the collapse in August 2026, three out of four main cooperatives had already been deprived of the right to operate, and the fourth was under restrictions.

      Reorganization and renaming

      After being excluded from the register by the Central Bank, some cooperatives renamed themselves as consumer cooperatives (PC), changing their form of ownership. For example, the KPC "Delo i Dengi PFO" became the PC "Delo i Dengi PFO," and the KPC "Privolzhsky" became the PC "Privolzhsky." This change in form could have been an attempt to evade Central Bank regulation, but it did not free the companies from signs of illegal activity.

      New legal entities

      In 2026, two new cooperatives appeared: KPC "Volgo-Vyatsky" (registered on November 24, 2020, but re-registered in Kirov on July 12, 2024) and KPC "Aktivfinans" (re-registered in Kirov on March 31, 2026). According to Nikita Pavlov, it was these "closed offices" that were registered.

      Both are registered at the same address – Profsoyuznaya, 1, and are managed, as a source close to the KPC "Delo i Dengi" informed us, by nominal chairpersons: Maria Kirillova and Mikhail Shubin.

      What about the courts

      The cooperatives are actively involved in legal disputes. For example, the KPC "Delo i Dengi" (being liquidated) is involved in 1 arbitration case as the plaintiff, and in general jurisdiction courts – in 5 cases as the plaintiff and in 2 as a third party. The PC "Delo i Dengi PFO" is involved in 8 cases as the plaintiff and 1 as the defendant, and also has 12 enforcement proceedings. The PC "Privolzhsky" participates in 12 cases in general jurisdiction courts. The KPC "Delo i Dengi — Sever" is involved in 8 cases.

      This confirms that the cooperatives did not simply "stop working," but continue to participate in legal processes, including as defendants, which may indicate attempts to challenge creditors' claims.

      This is what the network looked like

      Pavlov's network of cooperatives was built according to a single template: legal addresses in one business center, minimal assets, managers appointed after the transfer of management, and a consistent exclusion from the Central Bank register with the wording "illegal creditor." By the time of the collapse, they all effectively no longer had the right to accept money but continued to do so by re-registering as new legal entities.

      Documents from the Central Bank and EGRUL confirm that "Delo i Dengi" operated not as a credit cooperative, but practically as a classic financial pyramid, where the money of some members was used to pay others, and there were no real assets.