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Investigators indict suspects in Bank of Moscow multi-billion fraud

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11:23 29/09/2011

MOSCOW, September 29 - RAPSI. Investigators on Wednesday indicted two individuals allegedly involved in the large-scale fraud and embezzlement in the Bank of Moscow, the Interior Ministry told RIA Novosti on Thursday.

Boris Shemyakin, who was released on bail, and Svetlana Timonina, who was told not to leave Moscow, have been charged with fraud, the ministry said.

Shemyakin and Timonina allegedly founded Premier Estate company which was engaged in the criminal scheme aimed to steal funds from the Moscow budget.

The court instituted a criminal case against former Bank of Moscow president Andrei Borodin and his deputy Dmitry Akulinin on fraud and the embezzlement of 12.76 billion rubles ($401 million) from Moscow's budget through a loan granted by the Bank of Moscow to Premier Estate in 2010.

Investigators charged Borodin and Akulinin with abuse of office, a crime punishable up to four years in prison. Both suspects fled from Russia . They were put on the international wanted list, the court sanctioned their arrest.

Founded in 1995, the Bank of Moscow is one of the largest banks in Russia. It comprises four subsidiary banks. In February 2011 the Moscow government sold its 46.48 percent stake in the bank to VTB Bank, a Russia's second largest bank. VTB also acquired 25 percent plus one share in the Capital Insurance Group, which owns a 17.32 percent stake in the Bank of Moscow. The acquisition deal amounted to $3.2 billion.

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Investigators indict suspects in Bank of Moscow multi-billion fraud

11:23 29/09/2011 Investigators on Wednesday indicted two individuals allegedly involved in the large-scale fraud and embezzlement in the Bank of Moscow.
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