Thursday, December 14, 2017

Documents recovered in November 28 Yekaterinburg police raid

Yekaterinburg police launched a large-scale raid in Yekaterinburg on Wednesday as part of an ongoing investigation into an illegal loan worth billions of dollars.

The criminal case against an organized crime group whose members used fraudulent documents to secure 11 different loans totaling $96.4 million from private and commercial banks. According to investigators, members of the crime group falsified declared collateral assets on the loans, either claiming assets already registered with bank officials or inventing them altogether, RIA Novosti reports.

Officials within the investigation stated that as a result of the Yekaterinburg raid, documents of "important probative value" were seized, according to RIA Novosti.

The group's suspected leader, Andrei Palferov, was arrested in Moscow last May. Eight other members of the group have already been arrested. The defendants face up to 10 years in prison if convicted of large-scale fraud, per Russian law.