MOSCOW, August 15 (RAPSI) - Russian prosecutors have referred to court a case involving an elaborate underground banking scheme, the Prosecutor General's Office reported Thursday.

The ringleaders are suspected of having illegally pocketed upwards of 700 million rubles ($21 million) in a scheme aimed at helping businesses evade taxes.

There are three defendants in the case. According to investigators, Karine Mneyan established the banking institution without legal license. Vladislav Lichinin allegedly organized customer contacts and controlled banking transactions. And Yuri Romanov is thought to have served such functions as recalculation and cash acceptance options.

They allegedly helped individuals and entities to evade taxes. They also helped their clients to transfer money abroad.  The bankers collected interests for their services. Between 2008 and 2010, they allegedly earned illegally around 723 million rubles ($21,8 million). If convicted they face up to 7 years in prison.