Russian authorities have busted an organized criminal group involved in illegal banking activities. Authorities detained 12 members of this group, conducted 10 raids at the homes of the detainees, and seized several documents.
A Zhigulevsk resident and lawyer organized a group of 11 women, including lawyers, managers and accountants to carry out banking activities without registration and a license. Under Russian law, it is mandatory to obtain a license for such activities. The organized criminal group also carried out illegal circulation of payment and the illicit formation of legal entities through dummies.
Between 2016 and 2019, the leader of this criminal group committed fraud and used illicit funds received from an organized criminal group to develop buildings in the name of a self-owned company. The suspect used this operation to legalize over 50,000,000 rubles ($6,87,000) of illicit funds.