MOSCOW, August 13 (RAPSI) – The Supreme Court of Tatarstan has extended house arrest of ex-board chairman of Tatfondbank Robert Musin charged with embezzlement until November 16, the court’s spokesperson Natalya Loseva has told RAPSI.

According to investigators, in August 2016, employees of the bank provided false data to the Central Bank of Russia 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 charged with embezzlement and placed under house arrest.

On April 17, 2017, Tatfondbank was declared bankrupt.

In July 2018, the Commercial Court of Tatarstan granted a move of Tatfondbank demanding to declare Musin bankrupt.