Police have uncovered the embezzlement of 1 billion rubles ($33.2 million) of state funds from the Russian hydropower holding company RusHydro, the Interior Ministry said on Sunday.
During the investigation, police found that funds allocated for the construction of the Zagorsk Hydroelectric Pumped Storage Power Plant-2 in the Moscow region were embezzled through schemes involving a number of fly-by-night firms.
“The general contractor Gidrostroy signed fake subcontracting agreements with subsidiary organizations during the construction of the hydroelectric pumped storage power plant. The funds sent to their accounts were later cashed and embezzled. The preliminary damage is around 1 billion rubles,” the statement said.
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