ST. PETERSBURG, October 6 (RAPSI, Mikhail Telekhov) – The Frunzensky District Court of St. Petersburg will consider a criminal case against Vadim Ozeretskovsky, who stands charged with 1.2 billion rubles (over $19 million) exchange fraud, RAPSI learnt in the St. Petersburg prosecutor’s office on Monday.

According to case papers, from June 2014 to July 2015, the accused along with his alleged accomplice transferred funds in foreign currency from accounts of their firm Soft-Trade to non-resident companies registered in Latvia and Cyprus using forged documents.

Investigators claim that Ozeretskovsky conducted 78 exchange operations totaling over 1.2 billion rubles.

The defendant has pleaded guilty, according to prosecutors.