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Moscow court arrests billionaire tycoon Magomedov on suspicion of embezzling $44mn

April 2nd, 2018
Categories: News

Link: https://www.rt.com/politics/422884-magomedov-arrest-billionaire-embezzlement/

Russian billionaire businessman Ziyavudin Magomedov, a co-owner of the Summa investment group, was arrested on Saturday on charges of misappropriating millions in state funds designed for infrastructure and energy projects.

Magomedov was arrested in Moscow together with his brother and Summa co-owner, Magomed Magomedov, and the head of one of the companies involved in Summa, Artur Maksidov.

The businessmen brothers are suspected of theft by fraud and embezzlement while acting as part of an organized crime group. The prosecution believes the stolen money, some 2.5 billion rubles ($44 million), have been transferred from Russia to be deposited in offshore accounts controlled by Magomedov. The exact whereabouts of the money is unknown, the prosecutor's office admitted on Saturday.

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