Moscow Court Places Former Yugra Bank Owner Accused Of Embezzlement Under House Arrest

Moscow Court Places Former Yugra Bank Owner Accused of Embezzlement Under House Arrest

MOSCOW (UrduPoint News / Sputnik - 20th April, 2019) Moscow's Basmanny Court approved on Friday the investigation authorities' petition to place Alexey Khotin, the former Yugra bank majority shareholder facing criminal charges over allegedly embezzling 7.5 billion rubles ($117 million), under house arrest, a Sputnik correspondent reported from the courtroom.

"[The court] approves the investigation's petition to place Alexey Khotin under house arrest," the judge ruled.

Khotin will remain under house arrest until June 18.

Earlier in the day, the investigative committee petitioned for Khotin to be put in jail.

The official representative of the Investigative Committee of Russia, Svetlana Petrenko, said that the criminal case against Khotin was initiated under Part 4 of Art.

160 of the Criminal Code of the Russian Federation, which addresses embezzlement or misappropriation of funds.

Khotin was detained and delivered to the court earlier on Friday under the supervision of Russian Federal Security Service officers.

Khotin owned 52.5 percent of Yugra bank when its license was revoked in July 2017. At the time it was among Russia's largest Russian banks. In October 2018, the bank was declared bankrupt upon the request of Russia's Central Bank, making it one of the largest bank collapses in Russia's recent history.