Following the demand of Ural Federal District’s division of the General Prosecutor’s Office and the court’s ruling, Chair of Bank VEFK-Ural’s Supervisory Board Olga Chechushkova was arrested and installed in the detention facility, the spokesperson for Ural Federal District’s division of the General Prosecutor’s Office reports.

The whole affair started out in March 2009 when an investigation carried out upon Deputy Prosecutor General Yuri Zolotov’s order revealed that 955.8 million RUR belonging to the Russian Federation Retirement Fund and deposited with the insolvent Bank VEFK-Ural had been stolen. This discovery resulted in a criminal suit, with charges based on Article 159 (part 4) of the Russian Federation Criminal Code.

‘In the course of the investigation, instances of the management’s lucratively inclined abuse and financial fraud were detected,’ the spokesperson explained.