MOSCOW, December 17 (RAPSI, Artem Ponomarev) - Moscow’s Tverskoy District Court on Thursday issued an arrest warrant in absentia for Sergey Belyaev, former Chief Executive Officer at Trust Bank who stands charged with embezzlement, RAPSI reports from the courtroom.

Belyaev has been put on the international wanted list.

Earlier, Oleg Dikusar, ex-deputy chairman of the board at Trust Bank, and Yevgeny Romakov, former bank’s CFO, were detained in the case.

Investigators claim that from 2012 to 2014, Dikusar, Romakov, and several unidentified persons allegedly forged loan agreements for over 7 billion rubles ($99.5 million) with several Cyprus-based companies and for over $118 million with companies registered in other jurisdictions.

The money was presumably transferred to the accounts of individuals, including some living abroad, that were controlled by the suspects.

Two criminal cases were opened against the suspects in April and May, which were later merged into a single case.

The defendants could face up to ten years in prison.

Russia’s Deposit Insurance Agency sustained large damages because it was required to compensate the embezzled funds to defrauded investors.

Midsized lender Trust Bank reported losses of 18.8 billion rubles ($267 million) in 2014 amid a financial crisis. As of December 1, 2014, its assets were estimated at over 290 billion rubles ($4.1 billion).

The Central Bank estimated that the bank’s debts exceeded the value of its assets by 67.8 billion rubles ($963 million).