MOSCOW, July 18 (RAPSI) – The Commercial Court of Tatarstan has granted a move of Tatfondbank demanding to declare bankrupt its former board chairman Robert Musin on Wednesday, according to the court records.

The court has also ordered to initiate sale procedure with regard to Musin’s property.

On February 2, the court initiated a debt restructuring process against Musin on request of the Deposit Insurance Agency (DIA) representing interests of Tatfondbank. Overall, the demands against Musin reach 16.7 million rubles (about $265,000 at the present exchange rate).

The ex-chairman of the bank’s board is charged with large-scale fraud. According to investigators, in August 2016, employees of the bank provided false data to the Central Bank to obtain a credit and subsequently embezzle the funds. Later, the money was transferred to the accounts of affiliated companies.

Investigators believe that overall damage in criminal cases against Musin reaches 50 billion rubles (about $792 million at the present exchange rate). Thirteen cases over abuse of office opened against Musin are allegedly connected with embezzlement of 18 billion rubles ($285 million) belonging to Tatfondbank.

Musin has been placed under house arrest. In February, the Republic’s Supreme Court extended his house arrest until mid-May.

On April 17, 2017, Tatfondbank was declared bankrupt.