MOSCOW, May 30 - RAPSI. Investigators are holding searches of the offices of companies and individuals as part of the investigation of the Bank of Moscow embezzlement case on Wednesday, RIA Novosti reports.
In late 2010, a criminal case was opened against former Bank of Moscow heads Andrei Borodin and Dmitry Akulinin. The two men were accused of committing fraud with Moscow budget funds amounting to 12.76 billion rubles ($393.95 million).
Another case on the embezzlement of over 6.7 billion rubles ($206.85 million) was later initiated against the former bank heads.
The case continues on the embezzlement of 540 million rubles ($16.67 million) from the bank. There have been no reports as to who is suspected.
Borodin headed the Bank of Moscow for almost 16 years and was its co-owner. He left the credit institution last spring as soon as VTB shareholders joined the Bank of Moscow board. The shareholders bought 46.48 percent of the bank's shares from the Moscow government.
The change of the shareholders was followed by examinations at the bank that uncovered a substantial loan portfolio connected with the financing of projects in the interests of Borodin and other individuals.
As soon as VTB entered the bank's capital, the loans were no longer serviced.