In Kabardino-Balkaria, the head of farms is suspected of legalizing stolen funds received under agricultural subsidies

The Ministry of Internal Affairs of Russia for the North Caucasus Federal District, the Federal Security Service of Russia for Kabardino-Balkaria and the territorial body of Rosfinmonitoring for the North Caucasus Federal District revealed facts of fraud when obtaining subsidies committed by the general director of one of the agricultural enterprises of Kabardino-Balkaria.

The entrepreneur submitted forged documents to the relevant ministry to get subsidies for agricultural production support, containing false information about his own milk processing plant existence. In order to reimburse part of the production support costs, the general director received public funds totaling over 85 million rubles. However, he embezzled the money and used it for his own needs.

Then he transferred part of the funds from his two companies’ accounts to the accounts of various credit institutions, individual entrepreneurs and limited liability companies. As a result of this illegal activity, he legalized more than 26 million rubles.

The criminal case was initiated against the a/m individual under the Russian Criminal Code Article 174.1  Parts 3, 4 (Legalization (laundering) of funds or other property acquired by a person as a result of committing a crime).

According to the information of the Ministry of Internal Affairs of the North Caucasus Federal District