MOSCOW, June 25 (RAPSI) – The chief financial officer of Trust Bank has been arrested on suspicion of billion-ruble embezzlement, Interior Ministry spokesperson Yelena Alekseyeva said on Thursday.
On May 21, the bank’s deputy CEO, Oleg Dikusar, was arrested and later charged with embezzlement.
The Tverskoy District Court of Moscow ordered the detention of Dikusar until August 23.
According to police, the bank’s top managers and executives conspired to embezzle funds from its accounts.
From 2012 to 2014, the suspects allegedly forged loan agreements for over 7 billion rubles ($136 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.
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 ($377.6 million) in 2014 amid financial crisis. As of December 1, 2014, its assets were estimated at over 290 billion rubles ($5.8 billion).
The Central Bank decided that Trust Bank should be bailed out with the assistance of the Deposit Insurance Agency. Russian authorities said they would provide up to $2.4 billion in loans to bail out the bank.