MOSCOW, July 5 - RAPSI. The investigation into the criminal case involving former Bank of Moscow head Andrei Borodin and his deputy Dmitry Akulinin has been extended until October 10, Anzhela Kastuyeva, the head of the Investigative Department's press service, told RIA Novosti on Thursday.

In late 2010, a case was launched against the officials. Borodin and Akulinin were accused of stealing 12.76 billion rubles ($393.86 million) from the Moscow city budget.

The Bank of Moscow allocated the amount to the Premier Estate company, which used the funds in 2009 to buy a 58 hectare land plot in western Moscow from Yelena Baturinas Ramenskaya trade house.

The bank held an additional emission of shares worth 15 billion rubles ($463 million) before granting the loan. The shares were purchased by the Moscow City Hall as a major shareholder.

Investigators believe that the Bank of Moscow executives knew the pledge information provided to Premier Estate was false, although the pledge was designed to act as security for the loan.

However, the source said they confused the bank's management by fraudulently assessing the credit risk.

Inteco, which Baturina previously owned, insisted that the transaction on purchasing the land from Premier Estate was absolutely legal.

Another case on the embezzlement of over 6.7 billion rubles ($206.8 million) was also initiated against Borodin and Akulinin last winter. A case on the theft of 540 million rubles ($16.66 million) from the bank is also in progress. The names of the suspects have not been disclosed.