Kaitov, ex-boss of "IDGC of Northern Caucasus" charged with embezzlement

Investigators have indicted Magomed Kaitov, the former Director General of the Open Joint-Stock Company (OJSC) "IDGC (Interregional Distribution Grid Company) of Northern Caucasus", on charges of a billion-worth embezzlement, said a source from law enforcement bodies and added that the investigation of the case was imposed of the Russia's Ministry of Internal Affairs (MIA), the RIA "Novosti" reports.

The "Caucasian Knot" has reported that on December 12 the MIA reported the detention of a native of Karachay-Cherkessia Magomed Kaitov, currently residing in Moscow, within the case of a transfer in 2007-2011 of a part of the fees collected by the "IDGC of Northern Caucasus" as payment of electricity bills by consumers to accounts of Moscow-based commercial organizations, which later spent them on acquisition of real estate, securities and shares.

Investigators have revealed a total embezzlement of 4 billion roubles. On December 13, Kaitov was arrested on charges of a large-scale fraud. Criminal cases associated with the "IDGC of Northern Caucasus" are investigated in several regions, while Kaitov himself denies all the charges. He stated after detention that he "had been belied by his enemies."