Steven Rehelem, head of the East Division of the Economic Crimes Bureau at the Central Criminal Police, stated that the Central Criminal Police has presented a 42-year-old man with official suspicion of unauthorized economic activity. Investigative actions were carried out on Thursday at locations linked to the suspect.

According to Eesti Ekspress, the individual under suspicion is Jaak Roosaare, and the criminal report was filed with the Prosecutor's Office by the Financial Supervision Authority (FSA).

"According to the preliminary suspicion, the suspect has provided financial services through various companies that require a credit institution license issued by the Financial Supervision Authority," noted Rehelem.

The Prosecutor's Office and the police have declined to provide further comments.

As recently as September, the FSA did not see grounds to intervene regarding Roosaare's activities without a license to provide financial services.

Financial influencer Roosaare personally lent and mediated loans from 600 small investors over the years, amounting to €12 million for the startup Planet 42. He reportedly earned at least €300,000 from these transactions. The startup sold used cars in South Africa and Mexico to individuals deemed uncreditworthy by banks.

In September, the Prosecutor's Office also declined to comment on the case.

Suspicions arise

The criminal investigation is being conducted by the Economic Crimes Bureau of the Central Criminal Police and is overseen by the District Prosecutor's Office for Economic and Corruption Crimes. The case is currently at the stage of preliminary suspicion, which will be further examined during the investigation.

Although doubts have arisen regarding the man's business activities, he and his associated companies should not be treated as accused or guilty of any crime, Rehelem emphasized.

In September, Eesti Ekspress detailed how Roosaare's public fundraising activities were systematic and long-term, often involving agreements unfavorable to investors. Through loan interest and other fees, Roosaare reportedly earned several hundred thousand euros for organizing syndicates for Planet 42.

Following the article, public pressure mounted on the Financial Supervision Authority to take a stance on such activities. The primary question was whether Roosaare should have held a license from the Financial Supervision Authority for his operations.

Most syndicate investors have since withdrawn their claims against Roosaare's companies, as they joined a consolidation effort under P42 Recovery OÜ. One of the leaders of this entity is Roosaare himself, leading critics to argue that he was in a conflict of interest by tying participation in Recovery to a waiver of claims against his businesses.

Currently, the local entity of Planet 42, Inclusion OÜ, is undergoing reorganization.

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