Former head of Universal Kredit bank arrested on charges of 1.5 billion rubles' embezzlement
Advocates insist that Yuri Sizyakov made all transactions in order to obtain profits.
The Basmanny District Court of Moscow arrested former head of Universal Kredit bank Yuri Sizyakov. He is suspected of creating a scheme for the withdrawal of the bank's assets amounting to more than 1.5 billion rubles.
The investigation insisted on Sizyakov's placement in custody as he was not found on his place of residence and was forcibly taken to the court. For this reason, the court decided that a milder preventive measure would allow the accused absconding or obstructing the investigation.
The banker pleaded not guilty and his defense insists that committed by Sizyakov transactions were aimed at obtaining profits. In addition, the lawyers claim that the investigation has no evidence of theft and subsequent cashing of Universal Kredit's funds.
In the spring of 2016, the interim administration, appointed by the Central Bank, found signs of withdrawal of assets from a credit institution. In this regard, the Investigative Committee opened a criminal case under part 4 of Art. 159 of the Criminal Code (Swindling on an especially large scale). According to investigators, the funds were stolen through the issuance of loans in the amount of 1.573 billion rubles to organizations with questionable solvency.
The Universal Kredit's license was revoked on Oct. 9, 2014, because the size of the bank's capital fell below the minimum determined by the regulator. This was the result of the financial institution's high-risk credit policy related to funds investing in low-quality assets. In addition, it was found that the bank provided false financial statements to the Central Bank.