Web Sify
Follow us on

Russian official held in $300 million fraud

Source : IANS
Last Updated: Thu, Dec 27, 2012 02:52 hrs

Moscow: A Russian official has been held for his suspected involvement in the embezzlement of state property worth over 10 billion rubles (about $300 million).

Police detained a former director of the Federal Property Management Agency for the Moscow region, the interior ministry said.

The case involves the illegal seizure and sell-off of over 100 state-owned real estate properties.

Other suspects in the case include bank officials, arbitration court representatives, state property managers, and commercial company representatives.

The criminals used a sophisticated multi-stage scheme to take control of a state firm, bring in its own managers, bankrupt the company, take it over and then sell it, the ministry said.

blog comments powered by Disqus
most popular on facebook
talking point on sify news