MOSCOW, October 25 - RAPSI. Investigators are operating a search into Oboronservis, a holding controlled by the Defense Ministry, as part of a three billion rubles ($95.46 million) embezzlement case, Vladimir Markin, a spokesperson for the Investigative Committee, told journalists on Thursday.

The official said that a total of five cases on fraud from sales of Oboronservis property, land plots and shares have been opened.

"Investigators believe that Defense Ministry officials have been selecting the most liquid and prestigious facilities, land plots and shares, including in Moscow, out of Oboronservis' assets. Then huge budget funds would be invested into the property, to be subsequently sold at substantially reduced prices to commercial structures affiliated with Oboronservis," Markin said.

He said that a large number of real estate units were purchased on funds stolen from Oboronservis.

Oboronservis comprises service companies involved in armaments and military vehicles' repair and maintenance, construction materials production, food production, power facilities operation, cartography and production of printing goods, as well as housing services for military towns.