Retired GUBADZiK Colonel at Center of Ugly ICO Token Market Story in Belarus
The company "Blesavaris Leasing" issued tokens through the HTP and loaned money to another structure of the same owner in Georgia. And before declaring default, it issued a huge interest-free loan to one of its employees. Former GUBADZiK officer Valery Mazurau was the director there. He was located in a building next to the political police headquarters.
Retired GUBADZiK Colonel Valery Mazurau became the director of Blesavaris Leasing LLC. Photo: screenshot from Telegram
Investors compare the Belarusian ICO token market to a field of miracles inhabited by iconic literary characters. Investors are offered unrealistic income, but the result is a default, and another Cat Basilio dissolves into the fog.
At the center of a new such story is retired GUBADZiK colonel Valery Mazurau, who after leaving service moved into an office in a building adjacent to Alexander Lukashenka's political police headquarters.
Background
In late February 2018, Blesavaris LLC was registered in the ultra-budget free zone Sharjah Media City (Sharjah, UAE).
The sole founder is Anton Muradovich Adzhiev, a native of Chechnya, born in 1977. A man of unclear biography; his photo cannot even be found.
It is known that in 1999, Adzhiev opened an individual entrepreneurship, then worked for several years as an employee in a small leasing company.
Before becoming the owner of a cheap Emirati offshore company, which would later be presented as the "central office of an international group of companies," Adzhiev owned a series of small, quickly closed Russian JSCs with penny-sized authorized capitals (computer repair, subleasing, beauty salon, and so on).
What kind of businesses were really there is questionable. Since 2014, Adzhiev has been on the stop-lists of Russian banks according to anti-money laundering legislation (115-FZ, 03). The exact reason for inclusion on the stop-list is unknown, but in practice, it means that Adzhiev will not even be able to open an account in Russia.
In the second half of the 2010s, Adzhiev ended up in Ukraine and somehow managed to obtain a Ukrainian passport, creating a second identity for himself.
Under this Ukrainian identity, he started new activities, finding an unexpected partner.
In November 2018, Blesavaris Leasing LLC opened in Minsk, on Revolutsionnaya Street — in a building next to the GUBADZiK headquarters — as a 95% subsidiary of Emirati Blesavaris LLC. The remaining 5% belonged to a certain Marina Chagan, a native of Donbas and a citizen of Ukraine.
Chagan quickly left the shareholders, and by early 2019, retired Colonel Valery Anatolyevich Mazurau became the new director with a 0.247393% share.
A year and a half before that (in the summer of 2017), Mazurau retired as a young colonel from the position of Deputy Head of the Fourth (Organizational and Staff) Department of the Main Directorate for Combating Organized Crime and Corruption.
The internet also remembers him as a member of the "expert commission for evaluating information products for the presence (absence) of extremism".
Colonel Valery Mazurau, whose last place of work before retirement was GUBADZiK. Photo: screenshot from YouTube
It should be noted that Mazurau did not feature in the public sphere as a person involved in political repression. Before becoming a staff officer, he dealt with organized crime and drug distributors — i.e., real criminals. However, questions regarding Mazurau remained. Some court cases practically fell apart — primarily due to extreme carelessness in documenting evidence. And those arrested claimed pressure on them that clearly exceeded legal limits.
In early 2019, the retired colonel of the Belarusian Ministry of Internal Affairs was hired by a person with a banking ban, in a company with no history and one employee. Could it be that Adzhiev — for reasons unknown to us — became the nominal owner of a company actually controlled by Mazurau? We don't know.
The fact is that "Blesavaris Leasing" engaged in an activity rarely permitted in Belarus: the company received state permission for sale-and-leaseback of residential real estate from individuals.
What is this?
Usually, legal entities use sale-and-leaseback, and the subject of leasing is the company's assets (warehouses, transport, machines, etc.). The company exchanges its property for money once, and then buys it back — almost like a loan, but in some cases simpler or more profitable.
Another matter is the sale-and-leaseback of residential property from individuals. Here we are talking about people's apartments. People turn to such companies when they need a loan, and banks have refused.
Belarusian banks do not like to issue loans to clients without a stable income and secured by their only residential property. In such a case, the collateral always remains the client's property with an encumbrance that can only be seized through court without guaranteed success.
And that's why illiterate, or deceived, or people in very difficult situations turn to sale-and-leaseback and ask for money there. Often, this is people's only home, and the people themselves are often known to be insolvent. Such a specific business.
The leasing company buys their apartment not at market price, but at the maximum discount. The property immediately transfers to the ownership of the leasing company, and the client, according to the agreement, repurchases their own home with regular payments.
In case of arrears and inability to pay, the leasing company records this as losses and sells the property at market price.
This is a legal, although some might say not very ethical, business for which it is difficult to obtain permission. "Blesavaris Leasing" boasted in its advertising that as of 2022, only four companies in Belarus had such permission.
The company operated under the brand "Leasing Expert"
"Blesavaris Leasing" operated under the brand "Leasing Expert".
Over six years of operation, as calculated by "Nasha Niva," there have been at least 60 court cases against "Blesavaris Leasing" — entire families are suing regarding the legality of transactions and evictions. The court periodically sides with the clients. In one case, the plaintiff is the prosecutor's office of the Mogilev region.
Although the scheme leaves a trail of conflicts and lawsuits, it globally still worked.
In 2020, another company under the "Leasing Expert" brand opened in Tbilisi. Its sole owner was and still is — as per official extracts reviewed by "Nasha Niva" — the same Ukrainian citizen, Anton Adzhiev.
The Georgian company specialized in car leasing.
Tokens based on Minsk HTP
In 2021, "Blesavaris Leasing" began issuing tokens on ICO platforms Finstore and, subsequently, Fainex. After the adoption of the updated decree on the High-Tech Park in Belarus, it became possible for HTP resident companies to conduct ICOs and issue tokens with blockchain records.
In our situation, a token is essentially an electronic bond, blockchain is essentially a public electronic ledger. ICO (initial coin offering) is essentially the sale of an obligation.
A company (issuer) issues a token (makes an emission) through a licensed platform (HTP resident), where financial market participants buy it. The platform takes its percentage, money goes to the issuer, who then has financial obligations to the token holders for repayment with interest. From the issuer's perspective, this is a loan received with interest; from the market participant's perspective, it is an investment.
The difference from issuing bonds is the speed of the process and less stringent evaluation of the borrowing company.
The simplicity of ICO is not necessarily bad; many reputable Belarusian companies issue tokens simply to save time or for other reasons. This is also attractive to investors due to accessibility (you can invest small amounts) and the absence of taxation on such income for individuals.
And so, "Blesavaris Leasing" began selling its tokens — unsecured — under promises of fantastic profitability, up to 30% per annum. Over five years, there were more than thirty issues in Belarusian, Russian rubles, dollars, and euros.
The company borrowed millions of dollars, although in Belarus it clearly did not have a corresponding inflow of clients for such amounts.
"Blesavaris Leasing" reflected loans attracted through tokens in its revenue, which complicates an objective assessment of the company.
The company, which promised investors double-digit returns on investments, according to its own reporting, generated net losses from financial activities (a central metric for leasing companies) and was profitable by just over 1%.
The reporting acknowledged that "...tokens are issued to optimize the debt capital structure and refinance current liabilities to improve liquidity indicators."
Photo: screenshot of "Blesavaris Leasing" report.
The evaluation of token market issuers in Belarus is conducted by "BIK-Ratings," accredited by the National Bank. BIK-Ratings gave the company a high A business reputation rating. However, bank employees interviewed by a "Nasha Niva" journalist doubt the thoroughness of BIK-Ratings' assessments.
As of the first quarter of 2026, "Blesavaris Leasing" had accumulated almost 8 million rubles in token debts. In a Telegram group for investors, Valery Mazurau spent the entire beginning of 2026 persuading them to bring him even more money at an even more favorable interest rate with weekly payouts.
Still, not enough money was collected to repay previous issues, so in early June, the company declared default.
Where did the money go?
Possibly, a large portion of the funds collected from Belarusians was transferred abroad as loans for the Georgian company: the Georgian "Leasing Expert" owes the Minsk company almost 5 million rubles.
Valery Mazurau reassures investors that he has gone to the Georgian court on this matter and the first hearing has already taken place. Which is essentially absurd, as both the Belarusian and Georgian companies belong to the same person — Adzhiev.
Mazurau asked investors not to file complaints with law enforcement agencies or courts yet, so as not to destabilize the companies and initiate bankruptcy proceedings. Allegedly, everything will still work out, they just need to be patient.
Mazurau himself had already exited the formal ownership of the company, remaining only as the director of the Belarusian branch of the "group".
The financial statements of "Blesavaris Leasing" indicate that shortly before declaring default, the company issued an interest-free loan of 130 thousand rubles to one of its employees. The surname is not mentioned, but the question arises: was it not Colonel Mazurau himself?
Read another similar story: Their Zaretskaya: pro-Lukashenka MP Aleh Navitsky fleeced Belarusian investors out of 20 million. Scheme details
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И ещё, в системе узаконенного беззакония лукашенко-шведа, палачам беларусов, можно не бояться десятков уголовных дел, как открывают, так и закрывают.
Особо ретивых, потерявших тормоза и ворующих не по рангу - показательно порят на конюшне и на этом фсё.
Теперь понятно, почему сыновья министров лукашенко идут служить в МВД, КГБ, идут в палачи беларусов.
А мужское, молодое население сёл, не успевшее спиться, идёт в рядовые палачи мвд и губопика, что там, что там, что для одних, что для других - вседозволенность, безнаказанность и плюшки от лукашенко.