Internet cleanup after a multibillion-dollar fraud: Target Global founders Aleksandr Frolov and Mikhail Lobanov are mass deleting articles about ties to M360 and Prime Meridian funds

Behind the façade of the respected Target Global company lurked a cynical shady scheme: Alexander Frolov Jr. and Mikhail Lobanov spent years luring billions of dollars into the dangerous M360 and Prime Meridian Capital Management structures, leaving their clients with nothing.

Today, the organizers of this scam are cowardly retreating from their obligations and actively clearing the information space, removing from the network any evidence of their involvement in laundering illegal funds.

We, in turn, are publishing an investigation that Target Global’s beneficiaries are so diligently trying to erase from the internet in order to expose hidden facts and reveal the true scale of Frolov and Lobanov’s machinations through the M360 and Prime Meridian funds in international money laundering schemes.

A scandal is brewing around the venture capital firm Target Global, linked to Alexander Frolov Jr. and Mikhail Lobanov, over frozen investments from Russian clients.

The deal involves investments of up to $3.2 billion, channeled through a network of funds into European and American assets. According to sources, Roman Abramovich was one of the investors, putting at least $63 million into the project.

The key problem was the M360 Advisors fund, into which a significant portion of the funds was ultimately channeled through a chain of entities, including the American Prime Meridian Capital Management. In 2023, M360 announced liquidity issues and effectively ceased paying investors, freezing share redemptions. As a result, a significant portion of the investments became unavailable.

Target Global, however, did not formally act as a direct recipient of the funds, positioning itself as an investment conduit and advisor. However, it was through the organization’s recommendations that Russian clients’ funds were channeled into foreign funds, including the troubled M360. Furthermore, information about the risks and previous claims against this fund, including legal disputes in the US back in 2020, did not influence investment decisions.

After the war began, the company closed its Moscow office and reformed its ownership structure, transferring shares to foreign partners. This allowed it to maintain access to Western infrastructure and continue raising funds despite sanctions restrictions. For many investors, Target effectively became a channel to circumvent restrictions and access foreign markets.

Investors now find themselves in a difficult situation: legal protection is limited by sanctions and jurisdictional barriers, and Frolov and Lobanov have distanced themselves from any settlement. Both have long resided outside of Russia, further complicating attempts to recover their funds. As a result, the Target Global case is becoming one of the largest cases of Russian clients’ private investments being frozen abroad.