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Retired colonel found guilty of multi-million ruble fraud

16:43 05/10/2011

MOSCOW, October 5 - RAPSI. A military court found a retired colonel and two representatives of a non-commercial organization guilty of embezzling more than $6.45 million, the Investigative Committee told journalists on Wednesday.

The committee added that former Voentelekom head and retired Colonel Valery Smolnikov and the chairman and an economist of the Russian Engineering Academy's Center of Applied Engineering Problems were found guilty of large-scale fraud.

Investigators found that from 2005 to 2006 the suspects designed and implemented an illegal scheme due to which Voentelekom transferred more than $6.45million to the organization's accounts.

According to the documents, the funds were paid for allegedly conducting research and calculations of the compatibility of military and civil radio-electronic devices, the committee said.

However, the organization did not have specialists who could make such calculations or access the confidential information. The members of the criminal gang embezzled the funds, it added.

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Retired colonel found guilty of multi-million ruble fraud

16:43 05/10/2011 A military court found a retired colonel and two representatives of a non-commercial organization guilty of embezzling more than $6.45 million.
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