MOSCOW, November 2 (RAPSI) – Intercommerz bank board chairman Alexander Bugayevsky has been charged with embezzling over €45 million, Russia’s Investigative Committee announced on its website on Wednesday.

Investigators have opened a criminal case against Bugayevsky after verification of the application filed by the Russian Central Bank chairperson.

According to investigation, from January 21st through January 25th, 2016, Bugayevsky transferred over €45 million (over 3.9 billion rubles) from the bank account to the accounts of foreign companies controlled by him and his alleged accomplices.

Charges were brought against the banker in absentia as he had fled to unknown location. Bugayevsky has been put on the wanted list.

The defendant’s assets worth allegedly over 100 million rubles ($1.6 million) including Moscow apartment, a country house, land plots in the Moscow region and money have been seized in order to redress the damage done.

In February 2016, the Central Bank of Russia revoked the license of mid-sized Intercommerz bank for failure to meet the capital requirement and inadequately evaluation of risks. In April, the Moscow Commercial Court declared Intercommerz bankrupt.