Information released by Georgia’s Prosecutor’s Office states that Tbilisi City Court sentenced Sphero Holding founder Givi Tsuleiskiri to 12 years in prison and company employee Sofiko Petriashvili to eight years after finding them guilty of large-scale fraud, illegal entrepreneurial activity, and money laundering.
The court ruled that Tsuleiskiri, the founder and sole owner of Sphero Holding, and Petriashvili fraudulently obtained GEL 34,855,130 from 579 citizens through an organized scheme.
The court also found two legal entities, Sphero Holding and Sphero Invest, guilty of illegal entrepreneurial activity and money laundering. Each company was banned from operating for 10 years and fined GEL 100,000.
Evidence presented during the trial showed that the offenses were committed by an organized group using official positions and resulted in particularly large financial gains.
Under the court’s ruling, compensation will be paid to victims from assets previously seized from the convicted defendants.
Givi Tsuleiskiri was arrested in 2025 after prosecutors accused him and Sphero Invest director Giorgi Murusidze of operating a fraudulent investment and property scheme between February 2022 and October 2025. Investigators alleged that the scheme persuaded hundreds of citizens to invest money in exchange for promised monthly returns and repayment of the principal, while the funds were instead misappropriated. At the time, the Prosecutor’s Office said at least 244 victims had suffered losses of about GEL 12 million, warning that both the number of victims and the total damage could increase as the investigation continued.
Sphero Holding and Sphero Invest operated in the real estate and investment sector. The investigation into the companies began after allegations that citizens were misled into transferring funds under investment agreements promising financial returns and property-related benefits.
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Founder of ‘Sphero Holding’ arrested in major fraud case involving GEL 12 million
