Stanislav Mashagin and Pavel Uvyatkin, accused of embezzling funds from the Nizhny Novgorod bank “Association”, were sent under house arrest. According to Kommersant-Privolzhye, the amount of damage caused reaches 1.8 billion rubles.
Let us recall that in 2019, the Central Bank of the Russian Federation (*aggressor country) discovered that the bank’s accounts with VTB Europe Bank were missing 3.8 billion rubles. Licensed by the Association was withdrawn. The arbitration court declared the regional bank bankrupt and opened bankruptcy proceedings.
At the same time, a criminal case was opened about falsification of bank statements, which was later reclassified as embezzlement of property. The accused were the ex-treasurer of the Association, Vladimir Makarevich, and “unidentified persons.” The Deposit Insurance Agency (DIA) and the bank’s shareholders were recognized as victims. Makarevich pleaded guilty only to falsifying bank documents. The investigation into the case is still ongoing.
“Kommersant”, 10/13/2023, “Sorry, I’ll return everything”: The former chief treasurer of the Association, Vladimir Makarevich, as well as the co-founders of the Moscow PJSC Volga Capital Stanislav Mashagin and Pavel Uvyatkin, on whose personal accounts the stolen funds ended up, are accused of fraud. The unusual nature of the situation lies in the fact that the crime, according to investigators, was committed behind the back of the unsuspecting beneficiary of the Association Bank. […]
From the case materials it follows that the chief economist of the Association, Vladimir Makarevich, whose responsibilities, among other things, included the sale and purchase of currency, developed the scheme for the theft of funds from the bank’s correspondent accounts in the European branch of VTB together with the co-founders of the Moscow investment company Volga Capital (in 2020 declared bankrupt) by 42-year-old Stanislav Mashagin and 38-year-old Pavel Uvyatkin no later than the second half of 2013. In particular, as the Investigative Committee established, Vladimir Makarevich, who carried out the conversion operations, entered false data into the banking system on behalf of the foreign “subsidiary” of VTB, and his as yet unidentified accomplices attracted counterparties and prepared false documents for currency conversion transactions. After this, Mr. Makarevich transferred the funds not to the Association’s correspondent account in VTB Bank Europe, but to the accounts of dozens of Cypriot companies affiliated with Messrs. Mashagin and Uvyatkin, as well as persons controlled by them, from where they went to the personal accounts of the defendants. […] Meanwhile, it has now been established that in total more than €2.2 million and $2 million were transferred to Cyprus under this scheme. […] Both, according to Kommersant’s source, admit their guilt, and Mr. Mashagin even seemed to express his readiness to return 1 billion rubles. — Insert K.ru
During the bankruptcy proceedings, it turned out that the bank’s accounting and reporting data were distorted and did not coincide with SWIFT information. The counterparties and transactions that caused discrepancies in the documents were identified. In particular, the court found that the bank’s funds were transferred to the accounts of Cypriot offshore companies. According to Kommersant, after 3.5 years, representatives of the Republic of Cyprus reported that money was transferred to the accounts of companies affiliated with the accused, and from there they were transferred to their personal accounts. These funds were used to purchase various assets in Russia (*aggressor country).
“Kommersant”, 10/12/2023, “Lama meditated on a criminal case”: Shareholder of Volga Capital JSC Stanislav Mashagin and participant of Capital-Regions LLC Pavel Uvyatkin are accused of embezzling funds from the Nizhny Novgorod regional bank Association. […] Both men are from Nizhny Novgorod. Stanislav Mashagin graduated from the Higher School of Economics with a degree in finance and credit, and from 2003 to 2011 he worked in various financial institutions and banks. Now he runs several companies, and is also the founder of the Clear Light Buddhist Center and a lama. […]
In the arbitration process, which proceeded in parallel with the investigation, representatives of the DIA petitioned to bring to subsidiary liability the persons who benefited from the conclusion of illegal transactions. The court found that the bank’s funds were transferred to the accounts of Cypriot offshore companies. […] It was also possible to establish that various assets in Russia (*aggressor country) were purchased with money withdrawn from the Association. Lawyers for the accused confirmed that Stanislav Mashagin and Pavel Uvyatkin are under house arrest: they did not express their attitude to the charges of fraud. The security forces kept both entrepreneurs for about five days in a temporary detention center; their detention was extended. — Insert K.ru
It is noted that the Association’s creditors include 1.28 thousand individuals and legal entities. The size of their claims amounts to 11 billion rubles. More than 900 investors received their funds in 2020 – more than 7.2 billion rubles. Over 300 more legal entities returned their money (3.9 billion rubles) in April 2022.
Let us add that the detainees are the founders of a number of commercial firms. Mashagin is a shareholder of Volga Capital JSC (and at the same time the founder of the Buddhist center “Clear Light” and a lama), Uvyatkin is a member of Capital-Regions LLC. They are accused of fraud committed by an organized group on an especially large scale. The first was detained by FSB officers in Moscow, the second in Nizhny Novgorod.
The Investigative Committee investigator petitioned for the arrest of the men, but the court considered placing them under house arrest as a sufficient preventive measure, since they willingly testify and intend to compensate for the damage.
