Saturday, June 23, 2018

Yekaterinburg police investigate $97 million fraud case

Regional police in Yekaterinburg are looking into the theft of $97 million belonging to Russian banks.

Police say they know the identities of nine people involved in the criminal group responsible for the theft, Itar-Tass reports.

The Interior Ministry's department for the Ural Federal District said that $97 million in credits was fraudulently drawn from commercial banks on behalf of affiliated companies and organizations. Investigators said that the group used fake real estate documents and property that had already been pledged as collateral for the loans.

"The searches enabled the police to retrieve the documents that make crucial evidence," the department said, Itar-Tass reports.

The alleged leader of the group, Andrei Palferov of Yekaterinburg, has been detained by police. He could face up to 10 years in jail if found guilty of committing grand fraud by organized group.