MOSCOW, February 25 (RAPSI) – Moscow’s Tverskoy District Court has placed two former top managers of a commercial bank charged with embezzling over 1 billion rubles (about $14 million) in detention, the Interior Ministry’s press service has told RAPSI.

They were earlier arrested by Moscow police, the statement reads.

Allegedly, they embezzled assets of the credit organization acting as an organized group in conspiracy. According to the police, in 2016, the defendants organized the transfer of the bank’s rights to property and land plots to structures under their control. Damage allegedly caused by them is estimated at more than 1 billion rubles, the statement reads.

More than 40 searches were conducted in the Republic of Tatarstan and Moscow as part of the case.