Bank misappropriated over 90 million hryvnias of depositors' funds

A Ukrainian financial institution, whose management organised a large-scale scheme to misappropriate depositors' funds, has become the centre of a financial scandal. 

The main organiser was the bank's owner, who involved 27 accomplices in the illegal activity. He had previously acquired the already operating financial institution specifically for this purpose.

Scammers registered fictitious real estate objects with large areas, allegedly located in prestigious districts of Kyiv and Kharkiv. These non-existent buildings were used as collateral to obtain loans, the total amount of which exceeded 90 million hryvnias.

The illegally obtained funds were directed towards financing personal business projects. These included the construction of factories and combined heat and power plants, maintaining the operation of a coal mine, as well as the purchase of luxury cars and real estate.

Following the investigation, the perpetrators face up to 12 years of imprisonment with confiscation of property.