MOSCOW, June 21 (RAPSI) - A man who earned 1 billion rubles ($30.6 million) in fraudulent stock exchange operations will be tried in Moscow, the Interior Ministry's Moscow department said on its website.

According to the department, the suspect registered a shell company and issued shares that were not secured against the company's assets. Their actual value did not correspond to the issue prospectus. 

In November 2009, the suspect put his company's shares on the MICEX stock exchange and provoked a surge in demand to attract investors.

"From November 2009 to January 2010 the suspect concluded over 7,000 deals with his shell company's shares, earning an illegal income of at least 1 billion rubles ($30.6 million)," the police said.

A case of large-scale fraud was opened in February 2011. The man was detained on September 1, 2012.

His case has been sent for hearing at the Basmanny District Court in Moscow.