In Mordovia, consumer cooperative board chairman, suspected of embezzlement of depositors' money, was taken to custody

In Saransk, a measure of restraint in the form of detention was used against a native of the Republic of Tatarstan, suspected of committing a crime under part 4 of Article 159 of the Criminal Code of the Russian Federation 'Fraud'. Being the chairman of the board of a consumer cooperative, the man stole more than 3 million 500,000 rubles belonging to depositors.

The organization was opened in Saransk in the fall of 2014. According to the preliminary investigation, the 42-year-old chairman of the consumer cooperative board, acting on behalf of the cooperative, entered into loan agreements with citizens, allegedly guaranteeing a high yield of 60% to 120% per annum. Thus, between November 2014 and January 2015, the suspect received money from 20 residents of Saransk totaling 3,504,745 rubles, which he subsequently stole and spent on personal needs.

In this connection, in March 2015 the man was announced federally wanted. He was subsequently detained. His involvement in similar crimes committed in more than 20 Russian cities, where branches had been opened, were established. More than 1,000 people suffered from the offender's actions. He was sentenced by the Novo-Savinovsky District Court in Kazan to six years and five months in prison for committing fraudulent actions.

At the moment he is delivered to Mordovia. Investigative unit of the Investigative Department of the Ministry of Internal Affairs for the Republic of Mordovia continues the investigation against him. The necessary investigative actions are being carried out to consolidate the evidence base.