VORONEZSH, June 2 (RAPSI) – Investigation into the case against Aleksander Vdovin who took hostages in the Zapadny bank office in the city of Belgorod in April has been completed and transferred to the Prosecutor’s Office for indictment, the local police report on Monday.

On April 21, Vdovin armed with a shotgun stormed the Zapadny bank office which was earlier stripped of its license. Vdovin demanded the payment on his 20 million ruble ($575,000) bonds deposit, and took three employees hostage. After negotiations, Vdovin released the hostages in exchange for the return of his savings. Belgorod court detained Vdovin for two months, and charged him with taking hostages.

If convicted, the disgruntled client faces up to 15 years in prison.

Vdovin’s attorney told RIA Novosti that an appeal was filed against treating Vdovin as an accused. According to the defense, if the perpetrator releases the hostages on his own volition, he is then exempt from criminal liability. The investigators failed to mention the precise circumstances of the hostages’ release in the case materials.

Almost 30 Russian banks have been shut down in recent months after the financial regulator pulled their banking licenses in a campaign to tighten oversight of the country’s lenders as, and rein in shadow banking activity.

Experts have predicted that a drive for consolidation in the sector could precipitate a flood of new customers for the large state-owned banks that dominate Russia’s financial system.