Crowdestor: Finantsinspektsioon Email Exchange, April 2026

Email exchange between a Crowdestor investor and the Estonian Financial Supervision Authority (Finantsinspektsioon), April 2026. The investor filed a complaint about Crowdestor OÜ (reg. 14388462) through the FSA’s webform. The exchange confirms that Finantsinspektsioon has no supervisory jurisdiction over Crowdestor and that operating without a required licence is a criminal matter outside the FSA’s competence.

Published with the investor’s permission as source material for What Crowdestor Investors Can Do and the recovery case study.

Formatting adapted for web; original correspondence on file. Email addresses, phone numbers, and the investor’s name redacted.

1. Investor complaint via FSA webform (April 7, 2026)

From: [investor name redacted] <e-mail redacted>
To: Finantsinspektsioon <e-mail redacted>
Date: Mon, 07 Apr 2026 08:55 UTC
Subject: Webform submission: Making a complaint

Between 2019 and 2025 I was and still am investor on crowd landing platform Crowdestor OU (reg.nr. 14388462). In 2026 it is completely stopped working and are not making repayments and has stopped communication with investors since 07.03.2025

I have reported Crowdestor OU for fraud to Latvian police since in one of the projects the borrower had agreed on collateral Collateral: 1) 100% of Borrower company shares are pledged on behalf of Crowdestor investors; 2) Crowdestor has rights to delegate board member to Borrower company and all decisions have to be approved by the board member delegated by Crowdestor, another point from agreement tells: "2.3. Crowdestor transfers Loan to bank account indicated by Borrower when Collateral documents have been signed and submitted to Crowdestor to effectively guarantee safeguard of the Lender's and Crowdestor's interests. In relity if checking Latvian registers this collateral has never been implemented and vice versa there is mortage in amount of 2 mil. EUR in favour of previous owners of property, but currently it is rented by third party while no many is returned to investors. Attached sample agreement.

2. Finantsinspektsioon initial response (April 7, 2026)

From: Irene Iskül, Jurist, Finantsinspektsioon <e-mail redacted>
To: [investor name redacted] <e-mail redacted>
Date: Mon, 07 Apr 2026 13:08 UTC
Subject: RE: Webform submission from: Making a complaint

Dear [investor],

Thank you for contacting us. Firstly, it is important to explain that Finantsinspektsioon's (the Estonian Financial Supervision Authority's) competence is limited only to the subjects of state supervision (i.e. persons to whom we have granted authorisations). The list of companies having Finantsinspektsioon's authorisations or who are allowed to provide cross-border services in Estonia can be found on Finantsinspektsioon's web page: https://www.fi.ee/en/supervised-entities. CROWDESTOR OÜ (registry code 14388462) is not our subject as we have not granted any authorisations to it and therefore it falls outside our competence.

If you believe that you have become a victim of a criminal act (fraud), we recommend you contact the Estonian Police and Border Guard Board (https://www.politsei.ee/en).

If you want to make a claim against the company, we suggest you contact a competent legal advisor.

We hope that the above-stated is of assistance.

Kind regards,
Irene Iskül
Jurist | Lawyer
Finantsinspektsioon

3. Investor follow-up (April 27, 2026)

From: [investor name redacted] <e-mail redacted>
To: Irene Iskül, Finantsinspektsioon <e-mail redacted>
Date: Sun, 27 Apr 2026 13:58 UTC
Subject: Clarification regarding the supervision of investment platforms and areas of responsibility

Dear Irene Iskul,

Thank you for your previous response. However, given that I have invested funds through a platform registered in Estonia, I would like to seek further clarification regarding the oversight mechanisms in place.

If the Finantsinspektsioon (Financial Supervision Authority) indicates that the operations of this specific platform (Crowdestor OU) do not fall under your supervision, could you please provide answers to the following questions:

1. Which authority is responsible for the oversight of crowd-funding and investment platforms registered in Estonia, if they are not subject to the licensing requirements of the Finantsinspektsioon?

2. Does the Estonian legal framework allow for a "gray zone" where investment funds are solicited without any financial market supervision? If this is an intentional loophole, does the Finantsinspektsioon plan to approach the legislature to address these gaps, which currently allow for capital solicitation without any licensing or capital adequacy requirements?

There is another platform from the same people https://ventus.energy/en/ and Janis Timma that has attracted more that 50 million EUR and has serious issues with credibility: https://www.karsten.me/money/ventus-energy-investigation/. I am not investor in this project, but who in Estonia is looking after such ventures?

In my view, such unregulated financial activity not only poses significant risks to investors but also undermines the overall reputation and trust in the Estonian financial sector. I would appreciate it if you could clarify whether this platform (Crowdestor OU) is considered an "unregulated" investment solicitor and whether this implies that Estonian supervisory authorities knowingly tolerate such a business model.

I look forward to your response.

Sincerely,
[investor name redacted]

4. Finantsinspektsioon final response (April 28, 2026)

From: Irene Iskül, Jurist, Finantsinspektsioon <e-mail redacted>
To: [investor name redacted] <e-mail redacted>
Date: Mon, 28 Apr 2026 09:11 UTC
Subject: RE: Clarification regarding the supervision of investment platforms and areas of responsibility

Dear [investor],

Thank you for explaining your concerns. While we genuinely understand your frustration, we are unable to assist in this matter. According to Penal Code, engaging in activities without the required activity licence, in a field where such a licence is mandatory, constitutes a criminal offence — something that falls outside our competence. Even if we wished to handle such matters, the law does not permit it, as Finantsinspektsioon does not have criminal jurisdiction. That authority lies solely with investigative bodies and the Prosecutor's Office. If you find that CROWDESTOR OÜ has committed a criminal act, you may file a criminal complaint to the police (https://www.politsei.ee/en).

We recommend consulting a qualified Estonian legal advisor, who can offer you the guidance for resolving your concerns effectively. A list of attorneys is available at: https://advokatuur.ee/en.

We hope this information is helpful. Please do not hesitate to contact us should you have any further questions.

Kind regards,
Irene Iskül
Jurist | Lawyer
Finantsinspektsioon