MOSCOW, April 8 (RAPSI) – Head of several construction organizations in Novosibirsk, Vladimir Zurkov, has been sentenced to 13 years in prison for defrauding real estate investors of 900 million rubles ($13.4 mln), RIA Novosti reported on Friday.

According to investigators, Zurkov was acting against the interests of his organizations and investors. He was selling residential and non-residential premises in the buildings around Novosibirsk under prices that were significantly lower than market ones in order to accelerate sells. As a result, his construction companies went bankrupt and were not able to fulfill their obligations to 913 citizens.

Zurkov appropriated money earned from his deals while the damage caused by his actions reached 900 million.