MOSCOW, April 13 (RAPSI) – A court in Moscow has detained former CEO of Master-bank, Boris Bulochnik charged with deliberately bankrupting the financial organization, Kommersant newspaper reports on Wednesday.

In May 2015 Moscow police launched a criminal case against former executives of Master-Bank, a mid-sized Moscow bank, who were suspected of staging premeditated bankruptcy of the company. According to investigators, the accused were responsible for granting bad credits with no chance of return. Overall, they allegedly had given away 17 billion rubles ($257 million). Later the damage was estimated to be at 61 billion rubles ($924 million).

According to Kommersant, at the moment Bulochnik lives abroad and has already been put on the international wanted list.

In November 2013, the Central Bank revoked Master-bank’s license for false data reporting, low-quality loans and loss of capital. Master-bank was a top 100 Russian bank by assets and operated one of the largest ATM systems.

The Moscow Commercial Court later declared the bank bankrupt and started bankruptcy proceedings, with the Deposit Insurance Agency as the insolvency administrator.

Master-bank, founded in 1992, held 47.3 billion rubles ($948 mln) in private deposits as of October 1 and 80.9 billion rubles ($1.6 billion) in assets as of November 1, 2015, according to RIA Novosti’s rating agency.