MOSCOW, May 22 (RAPSI) – Officers of the Russian Interior Ministry's Economic Security and Anti-Corruption Department and the Ministry’s Investigative Department have busted members of a criminal group suspected of financial crimes, the Ministry’s official representative Irina Volk said on Monday.

According to the Interior Ministry, the criminal group consists of more than ten members, including top managers of famous financial institution, and is responsible for transferring of over 800 million rubles (about $14.1 million) to offshore companies. Allegedly, the group has been conducting unlawful financial operations without proper licensing in the Moscow Region, St. Petersburg and the Rostov Oblast since 2014.

The group was using bank details of several hundred legal entities the police suspected to be fictitious firms. Members of the group allegedly transferred funds of their “clients” to the accounts of these legal entities for further cashing and funneling into offshore accounts.

Eight members of the group were put under house arrest by a court’s ruling.