MOSCOW, September 8 (RAPSI) – The Moscow City Court has upheld a 5-year prison sentence given to Vsevolod Glukhovtsev, ex-head of security at the Royal Bank of Scotland's Russian subsidiary, for defrauding investors of more than 300 million rubles (about $4.7 million), victims’ lawyer Sergei Kardashev told RAPSI on Thursday.

Glukhovtsev was arrested in April 2013 on charges of large-scale fraud and placed under house arrest that was repeatedly extended. Later, he was placed in detention. According to the Interior Ministry, Glukhovtsev allegedly told investors that he was an influential banker and casino owner while using funds deposited on his accounts in Montenegro for personal purposes.

Investigation revealed that Glukhovtsev had acquired expensive property in Moscow and abroad, luxury cars, art and jewelry, according to the police. A search of his home and office also uncovered guns and munitions for which he failed to provide a license.

Additionally, in early 2006, Glukhovtsev received EUR 600,000 and $450,000 from a Russian citizen, which he was to spend on purchasing a house and building a medical center in Montenegro. However, he failed to fulfill the commitment and spent the money at his own discretion.