DS Bank officials charged with $8.2m-embezzlement
According to the investigation, the money of the credit organization was siphoned off through a number of one-day firms.
Russian Investigative Committee brought charges under Art. 160 of the Criminal Code of the Russian Federation (Misappropriation or Embezzlement) against the officials of DS Bank whose license was revoked in May 2016. They are charged with stealing 585 million rubles ($8.2m) from the accounts of the credit institution, according to RBC.
Currently acting chairman of the board Igor Sinyukhin, the head of the lending department Alexander Vdovin and Andrey Kuznetsov, who did not work in the bank are in custody.
Other persons involved in the case are on the wanted list, namely: DS Bank president Fedor Tsyrulnik and Vitaly Vergizov.
According to the investigation, when the accused learned about the looming revocation of the bank’s license, they decided to steal its money through seven shell companies. To do this, the bankers issued deliberately non-repayable loans, which resulted in the bank’s funds flowing to the accounts of 25 organizations in other banks. After the fraudulent actions, the defendants began to destroy the evidence: they damaged the server with an automated banking system and took away documents and office equipment.
All the property of the accused, as well as the accounts where the funds had been moved, have been arrested. The investigation is trying to establish the persons involved in the theft.
In May 2016, the Central Bank revoked DS Bank’s license due to a risky credit policy and unreliable reports. Also, the controller suspected the credit organization of questionable operations.
DS Bank used to be #531 in the Russian banking system.
There is new development in former Tatfondbank Bank Chair of the Board Robert Musin’s case. He is now charged with 22 violations and accused of causing 51 billion rubles ($859.200) worth of damages. Investigators declassified some information about the new charges against Robert Musin that have to do with offshore companies.
The 55-year-old spouses Shevchenko and their 29-year-old son were engaged in construction business and trade in jewelry. In addition to the criminal redistribution of business, the investigation does not rule out robbery.