TULA, September 21 - RAPSI. A court sentenced to 6.5 years in prison a company CEO, who illegally obtained several bank loans worth $1.29 million and misappropriated part of the amount, the court reported on Wednesday.

The court found that businessman Dmitry Belkin illegally obtained several bank loans between 2006 and 2009 by submitting false information on the company's financial status to several banks in Tula.

Belkin embezzled part of the funds and transferred the other part to the accounts of several firms he controlled.

Belkin was placed on the federal wanted list. He was detained in Nizhny Novgorod where he lived using forged documents.

The Tula Central District Court found Belkin guilty of illegally obtaining the loan, embezzlement and money laundering.

In addition to his 6.5-year prison sentence , Belkin will pay a $31,900 fine .