Criminal case on fact of fraud was initiated in Yakutia

The investigative unit of the Investigation Administration of the MIA of Russia Inter-District Administration “Yakutskoye” has instituted a criminal case against the 50-year-old head of a commercial organization who was suspected of embezzlement of 75 million rubles received as a loan under a bank agreement.

It has been preliminary established that the suspect had convinced the director of another company to act as a guarantor in a loan agreement and to provide a security - real estate worth more than 100 million rubles to secure the fulfillment of credit obligations. Subsequently, the offender did not fulfill the obligations to return the funds to the bank. By court decision, the property belonging to the guarantor’s organization was seized in favor of the commercial bank.

 A criminal case has been instituted in accordance with part 4 of Article 159 of the Criminal Code of the Russian Federation “Fraud committed on an especially large scale”, the sanctions of which provide for a punishment of imprisonment of up to 10 years.

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