Police find fugitive Promsberbank board chairman

Police find fugitive Promsberbank board chairman
According to the investigation, Promsberbank leaders had wired three billion rubles ($51.7m) to shell companies before the bank’s license was revoked

Boris Fomin had been on the run for two years.

Police detained Boris Fomin, the former Promsberbank chairman of the board, who had been hiding for two years. He had been put on the wanted list as part of the investigation into the case of 3.2bn-ruble embezzlement from the credit organization, according to Rosbalt.

According to the investigation, after the red notice had been issued, Fomin fled abroad and was arrested in absentia. It was Interpol then that continued the search. However, recently police found out that all this time Fomin had been hiding in Russia, in the house of his friends in the Moscow region. That is where they found him.

The newspaper reported that the former Promsberbank official had made an agreement with the investigation and testified.

The investigation believes that Boris Fomin was the mastermind behind the scheme that was used to wire the 3.2 billion rubles ($54.6m) from the bank. In early 2015, shortly before the bank’s license was revoked, its management had begun giving large loans to shell companies, before they cashed and stole the money.

There was a second scheme. The bank assigned the right of debt collection to Oranta, a subsidiary company, which then assigned those same rights to its associated companies in Moldova, Lithuania and Estonia. The ultimate collectors would take the debts from the shell companies, thus transferring the money abroad.

Fomin’s alleged accomplices, including Promsberbank main shareholder Alexei Kulikov, the credit department manager Zulfiya Musina, former security manager Andrei Kibitsky and Vladimir Isaychenko who helped register the companies, have already been brought to trial in Podolsk. All of them are accused under Art. 160 of the Criminal Code (Misappropriation or Embezzlement). Kulikov is also a person of interest in a fraud case related to 'mirror' operations allegedly exposed in the Moscow branch of Deutsche Bank.

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