MOSCOW, July 27 (RAPSI) – A court in St. Petersburg has issued an arrest warrant in absentia for Oleg Shigayev, former president of Baltiyskiy Bank, suspected of embezzling over 3 billion rubles ($52 million), Russia’s Investigative Committee reported on Monday.

Shigayev is accused of abusing his position to take the money out of the bank and transfer them in June through August 2014 to companies under his control, according to Investigative Committee spokesperson Vladimir Markin.

Shigayev has been charged in absentia with fraud and money laundering. In April, he was put on the federal wanted list.

An investigation is underway.

Baltiyskiy Bank is one of Russia’s oldest commercial banks. It was established in 1989 and has branches in 30 cities over the country.

In October 2014, Alfa Bank, Russia’s largest private bank in terms of total assets, equity, customer accounts and loan portfolio, bought an 88 percent stake in Baltiyskiy Bank.