Accused of stealing shareholders' money Vanchugov brothers remained in custody

Accused of stealing shareholders' money Vanchugov brothers remained in custody
Maxim Vanchugov

The St. Petersburg City Court has ruled on the extension of the former co-owner of the GC Gorod Ruslan Vanchugov’s arrest and the house arrest to his brother, the head of the GC Gorod Board of Directors Maxim Vanchugov till 1 December, the press service of the court reported.⁠

Thus, the court granted the petition of the investigation.

Vanchugovs, whose third brother Roman presents Spravedlivaya Rossiya party in the State Duma, are accused of Swindling in an especially large-scale (Article 159 of the Criminal Code).  

Law enforcers detained the brothers on suspicion of embezzling 800 million rubles a year ago, in October of 2015.

According to investigators, Maxim Vanchugov raised funds with the shareholders' money under the pretext of residential complexes construction in the northern capital and then siphoned them off to the cash turnover through one-day firms. Thus, it was stolen 832 million rubles. In total, according to the MID, 2.9 billion rubles were received for 980 apartments. Their fate is still unknown.

Controlled by them company GC Gorod is building three residential complexes in St. Petersburg  - Morskaya Zvezda, Baltic and Leninsky park.

Thousands of real estate investors acquired apartments in these residential complexes, but they have not yet received them. The first apartments in new buildings would be put into operation in 2014.

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