Top managers of "Dagenergobank" suspected of forgery

The Investigating Committee of the Russian Federation (ICRF) has initiated a criminal case against the top managers of the "Dagenergobank", which is suspected of falsifying financial statements.

The "Caucasian Knot" has reported that on April 14, the Central Bank of Russia appealed to the Arbitration Court of Dagestan with a request to wind up the "Dagenergobank", since the bank had violated the federal laws.

According to investigators, the inspection held in January 2015 discovered in the activities of the "Dagenergobank" the violations of the federal laws and regulations governing banking activities. Furthermore, the inspection has also revealed the facts of essential unreliability of the financial statements.

The investigators report that the Central Bank of Russia has demanded from the "Dagenergobank" to form reserves in the amount of 620 million roubles to ensure possible compensation of debts of some borrowers. However, the top managers of the "Dagenergobank" raised only 80 million roubles and finally indicated inaccurate amount of reserves in the financial statements.

"In order to conceal the signs of bankruptcy or the grounds for mandatory revocation of the banking license, the top managers of the commercial bank have deliberately indicated incomplete or inaccurate information on the equity and the amount of the reserve," the website of the ICRF's Investigating Department for Dagestan reports.

According to the Central Bank of Russia, the "Dagenergobank" used to follow high-risk lending policy related to the placement of funds in low-quality assets.

Full text of the article is available on the Russian page of 24/7 Internet agency ‘Caucasian Knot’.