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Prosecutors open case over $750,000 in housing funds embezzlement

15:48 23/09/2011

MOSCOW, September 23 - RAPSI. The Prosecutor General's Office has initiated a criminal case in the embezzlement of $750,000 in public funds, the Office reported on Friday.

The funds were earmarked for Arkhangesk regional housing and utilities issues.

Prosecutors have found that the funds were misappropriated.

"It was established that some Teploservice municipal enterprise officials submitted falsified information that losses had been incurred, while buying fuel to acquire the funds needed to cover losses inflicted by decontrolled price hikes," the office reported.

Prosecutors say fake invoices were drawn up to show that losses had been sustained while buying fuel, which was not used for heating but instead resold to another company.

The case was opened for large-scale fraud.

The guilty parties may be punished by up to 10 years in prison.

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Prosecutors open case over $750,000 in housing funds embezzlement

15:48 23/09/2011 The Prosecutor General's Office has initiated a criminal case in the embezzlement of $750,000 in public funds.
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