Givi Tsuleiskiri, founder of ‘Sphero Holding’, has been arrested on suspicion of fraudulently misappropriating substantial sums of money belonging to citizens while criminal proceedings have also been initiated against Giorgi Murusidze, director of Sphero Invest. The announcement was made at a briefing held at the Georgian Prosecutor’s Office.
The case, handled by the Anti-Fraud Unit, involves the alleged fraudulent misappropriation of funds through abuse of official position by a pre-arranged group. Authorities stated that the accused’s actions have caused damages amounting to GEL 12 million to citizens.
The briefing revealed that Tsuleiskiri and Murusidze established a legal entity called Sphero Invest, wholly owned by Sphero Holding LLC, with Murusidze formally appointed as director. In practice, both Tsuleiskiri and Murusidze jointly managed the enterprise.
Between February 2022 and October 2025, Sphero Invest, acting in its own name, entered into contracts with private individuals for the “temporary transfer of immovable property for residential purposes” as well as so-called ‘capital investment’ agreements. Under these capital investment contracts, citizens transferred funds to Sphero Invest’s account with the promise of monthly returns and eventual repayment of the principal. However, the company failed to return the deposited funds and ceased paying rent, leaving hundreds of citizens without accommodation.
Using this scheme, the two accused induced 244 citizens to transfer substantial sums into Sphero Invest’s bank account, ultimately misappropriating up to GEL 12 million. Authorities note that during the ongoing investigation, the number of victims and the total damage may increase.
Both Tsuleiskiri and Murusidze face charges under Article 180, Parts 2(a) and 3(a) and (b) of the Criminal Code of Georgia which carry a maximum penalty of nine years’ imprisonment. The Prosecutor’s Office plans to submit a motion to the court requesting detention as a preventive measure against the accused. A search is also being conducted for one member of the group in accordance with legal procedures.
