The Supreme Court of Italy decided to extradite Bank24.ru former BOD member Alexei Kalinichenko to Russia. The man is suspected of large-scale fraud, the spokesperson for Ural Federal District’s division of the Ministry of Internal Affairs reports.

The exact date of the extradition has not been announced yet.

Kalinichenko is accused of setting up a financial pyramid scheme and of stealing over 100 million RUR from his investors. His charge (large-scale fraud) is based on Article 159 (part 4) of the Russian Federation Criminal Code.

The former bank executive’s business activity involved trading on Forex foreign exchange market through an offshore Livingston Investment Company and Bank24.ru. Capital was attracted through some ad hoc firms like Global Gaming Expo that promised their customers the annual yield of 30% to 200%.

Global Gaming Expo stopped paying its investors in August 2006. Alexei Kalinichenko disappeared, but was later found in Italy.