Fazzaco Under Fire for Exposing Scams? Insiders Reveal Amirani's Dark Past

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Since we first exposed the fraudulent activities linked to Amirani Azaladze and his B2B Hub company, several insiders have come forward with critical information. Their insights have allowed us to unravel an extensive scam affecting a significant part of the forex industry—exactly the type of wrongdoing our "Forex Whistleblower" initiative aims to combat. Recently, however, Amirani escalated his deceit by misusing our identity in an apparent bid to trick our clients.

Previous:

Alleged B2B Hub Scam Pt. I: A Forex Licensing Nightmare

https://www.fazzaco.com/newsdetail/351059

Alleged B2B Hub Scam Pt. II: A "Fake Biography" Under "Shell Companies" - Amiran Azaladze's Dirt

https://www.fazzaco.com/newsdetail/351690

Alleged B2B Hub Scam Pt. III: Amiran's Scheme Unmasked As New Evidence Emerges

https://www.fazzaco.com/newsdetail/353405

B2B Hub Scam Update: Jun Chen Breaks His Story on How Amirani Stole 60K USD from Him

https://www.fazzaco.com/newsdetail/358033

​Amirani Impersonates Fazzaco to Scam Others

On February 5, 2025, one of our marketing team members received a Skype message from someone claiming to be the sales director of [XXX] company:

"I'm head of sales at [XXX]. We're exploring different websites to advertise on targeting forex brokers. Who shall I speak to about this at Fazzaco?"

At first, the inquiry seemed routine—after all, Fazzaco as a hub for forex companies, handles many such requests daily. However, when we asked the sender to follow up using their official corporate email, we noticed something was amiss. The email address he provided belonged to an executive we know from before, anonymized as "G," yet the Skype username he used did not match. In fact, the username was disturbingly familiar.

It turned out that Amirani (alternatively spelled Amiran) hadn't even taken the effort to change his name while pretending to be G. To confirm our suspicions, we reached out directly to G. As it happened, G had been planning to contact us about advertising, but before he could do so, he was approached by another account—one that used Fazzaco's name and logo—to offer a fraudulent pricing proposal. Fortunately, because G had previously worked with us, he sensed something was off so he wisely chose not to act on the bogus quote.

Screenshot of the chat between G and us

The so-called Fazzaco "quote" the scammer sent to G

At this point, the pieces started to fall into place. G agreed with our assessment: Amirani had created a fake Skype account under Fazzaco's name, contacted G, and sent him a fraudulent pricing proposal. Then, he copied G's conversation and email and used his own Skype account to reach out to Fazzaco's marketing team. Our best assumption is that he was attempting to obtain a genuine pricing proposal from Fazzaco to refine his future fraudulent schemes while also seeking revenge.

More chat between G and us

Anonymous Email Links Amirani to Georgia's Infamous MFX Broker Fraud Case

Shortly after the Skype incident, Fazzaco's whistleblower email received an anonymous message. The sender, here anonymized as A, mentioned having followed our earlier reports on Amirani Azaladze and offered new details from his past: According to him, Amirani once worked at MFX Broker—a company later unmasked as a Ponzi scheme that defrauded clients of about 4.2 million Georgian Lari (roughly $1.5 million) between 2013 and 2017.

"The company was founded by experienced scammer Igor Volkov and was part of a larger company (namely MFX Group) owned by the same guy. Margo Zhiznevkaia managed the place. She escaped after the company went bankrupt. It was a big deal," A wrote in the email.

A Georgian website's coverage on the MFX Broker scam, translated from Georgian by Google Translate.

Our research also pieced together a timeline for the MFX Broker fraud case:

• 2015: The dubious investment firm MFX Capital was launched.

• Late 2015: Belize's financial regulator, IFSC, revoked MFX Broker's license. The broker reassured clients that this was only a temporary issue. Meanwhile, MFX hosted a trading seminar led by Jordan Belfort, a convicted securities fraudster.

The training seminar promo images by MFX

• Mid-2016: Clients began reporting problems with withdrawals.

• 2017: Georgian authorities issued arrest warrants for Igor Volkov and his assistant, Margo Zhiznevkaia.

When asked about Amirani's role, A noted that he knew that he served as a financial analyst at MFX, holding a substantial position, though it remains unclear whether he directly participated in misappropriating the stolen funds.

You can still find videos of MFX Broker with Amirani in them on YouTube

After MFX collapsed, Amirani went on to establish his own firm, Menelaus Financial Holding—now listed as his primary title on LinkedIn—claiming it was a subsidiary of Sachs Investment, another shell company he had previously registered. Interestingly, he even advertised himself on a Georgian forum, only to be met with scathing comments from users exposing his true nature.

After MFX's collapse, Amirani launched his own venture—Menelaus Financial Holding—which he now lists as his primary title on LinkedIn. He promoted the firm as a subsidiary of Sachs Investment, another shell company he previously registered. Interestingly, he even advertised himself on a Georgian forum, only to be met with scathing criticisms from users who exposed his questionable reputation.

 (Link of the original post: https://forum.ge/?showtopic=34985186&fbclid=IwY2xjawIsc19leHRuA2FlbQIxMAABHXEikER7iju9z9Og1kV5c8er3xFP-ZX-sN2omEFjJ2BRidUsQN3DXCjTjg_aem_n1tiX1RSr_7aCZwE0ZWw0g).

Amirani Azaladze's current LinkedIn bio page

Amirani's post on the Tbilisi Forum, page translated from Georgian by Google

Comment below Amirani's post, translated from Georgian by Google

Amirani Azaladze's Movements Post-MFX Collapse

In our fourth article, we mentioned that whistleblower and victim Jun Chen filed lawsuits against Amirani in Turkey and at the UK CCBC court. However, the scammer has repeatedly ignored all legal proceedings. The anonymous sender, A, has now shed some light on Amirani's whereabouts. According to him, Amirani never resided in Turkey for long. He first arrived there around 2018 but was primarily active in Ukraine until he left due to the war. Since then, he has relocated to Poland, where he currently resides.

In Poland, he has registered two companies:

• B2B HUB Sp. Z o. o.

• A-REGISTRY Sp. Z o. o.

"He can not enter Georgia. I do not think an arrest warrant was ever issued but I know that he is a person of interest, most likely in connection to MFX Broker," A wrote.

The End? Not Quite

Our investigation and whistleblower reports confirm a pattern in Amirani's fraudulent operations: setting up shell companies, forging documents, delaying payments, and using new clients' funds to cover old debts. His actions not only harm clients financially but also undermine trust within the industry. His recent attempt to impersonate Fazzaco further reveals his desperation and lack of credibility.

Fazzaco will continue monitoring Amirani Azaladze and his affiliated entities. We encourage more victims and insiders to come forward via whistleblower@fazzaco.com. Only through industry-wide collaboration can we fully expose and eliminate such fraudulent practices, ensuring a fair and transparent market.

We will keep tracking this case and providing valuable insights for the industry. If you have any information, do not hesitate to contact us at whistleblower@fazzaco.com.