Saturday, June 23, 2018

Sverdlovsk bank employee embezzled $3 million

The Research Affairs Department of the Russian Urals Federal District has reported that an employee of one of the largest banks in the Sverdlovsk region embezzled approximately $3 million.

According to investigators, the director of one of the bank's additional offices and accomplices were seeking additional passport copies and made credit agreements out to these people worth as much as $20,000, reports.

Between 2007 and 2009, someone was able to arrange loans in the name of more than 300 inhabitants of Sverdlovsk region cities. The embezzlement was concealed by stating that the obtained loans were repaid and through the creation of new loans.

Investigators with the State Ministry Interior Department of Russia in the Urals Federal District have cited this as a criminal case under part four of article 160 in the Criminal Code. The code is for embezzlement, in which a group of persons by prior conspiracy or a person using his official power embezzles money on a large scale. Those charged with this article of the Criminal Code can be punished with imprisonment for up to 10 years with a fine of as much as $33,000, according to

The press service of the Research Affairs of Russia on the Ural Federal District said that this case is the first in a series of criminal cases that have been combined into one proceeding. The suspects are under house arrest and have been interrogated, though no charges have yet been brought.