Decision on Tatfondbank head’s arrest to be taken in several hours

Decision on Tatfondbank head’s arrest to be taken in several hours
Robert Musin, Tatfondbank Bank Chairman of the Executive Board

Robert Musin has been escorted to the Sovetsky District Court (City of Kazan). The Court is going to decide whether to satisfy Investigative Committee of the Russian Federation’s request to arrest him or not.

Tatfondbank Bank Chairman of the Executive Board Robert Musin has been escorted to the Sovetsky District Court. The Court is going to decide whether to make changes to pre-trial restrictions imposed on him or not in several hours, according to the Assistant of the Head of the Investigative Department of the Committee in the Republic of Tatarstan Elvira Gazizova as quoted by the RBK Informational Agency.

The investigation requested Musin is arrested, according to her. Musin will be sent to pre-trial detention facility as soon as today if the Court arrests him, Gazizova added.

The Bank Head caused 3 billion rubles worth of damage, according to estimations.

A criminal case against Tatfondbank Bank Chairman of the Executive Board Robert Musin was opened on the allegation of him having committed swindling on an especially large scale, as earlier reported by the CrimeRussia.

Tatfondbank employees filed fraudulent documents to the Central Bank of the Russian Federation in end-August, 2016, the investigators suppose. The documents stated Tatfondbank had a high liquidity asset backed by credit agreements with other joint-stock companies. They did so to obtain a loan and later steal money. Tatfondbank obtained a more than 3 billion ruble loan. The money was later transferred to accounts of Tatfondbank’s affiliates.

The Central Bank revoked licenses of 3 City of Kazan banks: Tatfondbank that used to one of the top-50 Russian banks and Ankor and Intechbank. The 3 banks can no longer operate as from March 3. The Central Bank revoked the licenses due to the 3 banks having broken the bank law and the Central Bank’s internal recommendations.

Moreover, Tatfondbank Bank Deputy Chairman of the Executive Board Sergey Meshchanov was also arrested on the allegation of him having committed swindling. TFB Finans Financial Company Director Timur Valshin, his subordinates Rustam Timerbaev and Ilnar Abdulmanov, and Tatfondbank Bank Deputy Chairman of the Executive Board Vadim Merzlyaev were also arrested.

Tatfondbank creditors filed a complaint to the Tatarstan Public Prosecutor’s Office in mid-February. They complained about actions of the Deposit Insurance Agency and employees of the troublesome bank. The Agency and the bank temporary administration are reluctant to answer affected investors and keep moving scheduled meetings, according to the activists of the initiative group who filed the complaint.⁠

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