While Ilan Tzorya is widely recognized as the architect behind one of Europe’s largest financial fraud networks through his Tradologic Group, he didn’t act alone. Several close associates played vital roles in orchestrating and executing the scheme—names that have surfaced in the indictment filed in a Vienna court. Yet, accountability for the widespread financial harm remains glaringly absent.
Despite their deep involvement, individuals like Michael Golod have largely escaped legal consequences. According to Austria’s Office for the Prosecution of Financial and White-Collar Crimes, both Golod and Milena Kabdzhova were part of Tzorya’s trusted circle. They held extensive powers of attorney and had exclusive access to core trading platforms and banking infrastructure, placing them at the heart of the operation and in direct contact with critical—and incriminating—information.
Michael Golod: Tzorya’s Right-Hand Man
Michael Golod played a crucial role in enhancing Tradologic’s software, tailoring it to meet the financial goals of the network. As CEO of Super Dev, a company fully owned by Ilan Tzorya, Golod was one of Tzorya’s closest collaborators on various high-level projects, including those involving sensitive systems.
He also served as CEO of Tradologic Solutions Ltd, based in Seychelles—a jurisdiction known for regulatory opacity. In this position, Golod had firsthand knowledge of the brands operating under Tradologic and their strategies to manipulate customer deposits and withdrawals in order to meet monthly revenue targets.
Although he later downplayed his role, Golod did acknowledge the company’s structure and his involvement in the software’s continued development and deployment. However, he denied accusations that Tradologic actively interfered with client payouts to secure a predetermined level of profit, despite significant evidence to the contrary.
Under Tradologic’s operational model, brand agents were encouraged to reduce customer withdrawals as much as possible. When this tactic failed, the so-called “risk management team” would intervene—using software to alter trade outcomes in favor of the company. Michael Golod, who oversaw this risk team, was allegedly acting on direct instructions from Tzorya.
Software as a Weapon of Deception
Though the Tradologic software wasn’t inherently designed to defraud, it was used manipulatively—to control trading outcomes and restrict user withdrawals across dozens of brands. This manipulation extended far beyond the Lenhoff-linked brands and affected over 45 platforms powered by Tradologic, according to the indictment and a report by the State Criminal Police Office dated April 8, 2021.
Golod’s involvement also included expanding Tradologic’s reach by adding new partner brands, effectively spreading the software’s deceptive use on a global scale.
Why No Arrests?
Despite overwhelming evidence and internal access to self-incriminating information, neither Ilan Tzorya nor his close aides like Michael Golod have been arrested or prosecuted. Their continued freedom raises serious concerns about the role of corruption or institutional negligence in failing to pursue justice.
In our next feature, we’ll explore how Milena Kabdzhova worked alongside Golod to further Tzorya’s fraudulent empire—yet she too remains uncharged, despite mounting evidence of her involvement.