Following an inspection of UralTransBank by Sverdlovsk Region’s public prosecution authorities and their investigative committee, criminal proceedings were instituted against one of the bank’s executives. The accusations (of fraud) are based on Article 159 (part 4) of the Russian Federation Criminal Code, the spokesperson for the prosecution authorities reports.


For one, the authorities believe that the director of Ural Transport Bank’s Nizhniy Tagil subsidiary Pavel Mukhachev transferred 95 million RUR worth of promissory notes to the former heads of Baranchinskiy Mechanical Plant Grigory Karpunin and Ekaterina Naumova without any written agreement.


‘As a matter of fact, the pre-printed forms of these promissory notes had been registered in Ural Transport Bank’s Nizhniy Tagil subsidiary as damaged and destroyed. Later on, these notes were repeatedly sold to a number of other people, who suffered large-scale losses as a result,’ the law-enforcement authorities say.


Sverdlovsk Region’s public prosecution authorities keep strict control over the case.