Thursday, November 22, 2012

Over $22 Mln Seized During Defense Contractor Fraud Inquiry

Cash and valuables worth about 700 million rubles (about $22.4 million) in total were confiscated during a fraud inquiry into a possible embezzlement of state funds by defense contractors, the Russian Interior Ministry said. The Russian Defense Ministry has found itself at the epicenter of a spiraling state property scandal in the past weeks. Several criminal cases are underway in connection with the Oboronservis scandal, which became public on October 25, when investigators raided the Defense Ministry property management company's offices and the homes of its senior employees over alleged real estate scams involving nearly $100 million. Some of the properties were in Moscow, which has some of Europe’s most expensive real estate.

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