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Report: Investigation against Tatfondbank's former head widens

Russian law enforcement authorities widened the scope of an investigation into PJSC Tatfondbank's former management board chairman Robert Musin, news agency Prime reported Aug. 14.

As part of the recently launched proceedings, the investigators have been looking into the theft of funds from the bank through the withdrawal of collateral on a number of loan agreements totaling more than 18 billion Russian rubles, Prime noted.

Musin is currently subject to 22 criminal investigations, with the value of damages caused by his actions estimated at over 50 billion rubles, the news report said.

The Russian central bank revoked the license of Tatfondbank in March, and Musin was arrested shortly after.

As of Aug. 14, US$1 was equivalent to 59.58 Russian rubles.