MOSCOW, January 28 (RAPSI) – The Moscow City Court on Monday upheld a lower court’s ruling ordering to extend detention of ex-Promsberbank shareholder Ivan Myazin, who stands charged with embezzling over 1.2 billion rubles (over $18 million) from the bank, the court’s press service told RAPSI.

The Tverskoy District Court of Moscow earlier extended the defendant’s detention until April 10.

Investigation into Promsberbank case was launched more than 5 years ago. Ex-banker was put in detention on May 11, 2018, although previously he was a witness in the cases involving the financial organization.

According to investigators, Myazin has committed large scale embezzlement and misappropriation.

Investigators also claim that the bank’s managers including Myazin have granted unrecoverable and unsecured loans to sham companies.

In December 2016, a court in the Moscow Region sentenced two other bank managers, deputy chief of Promsberbank credit office Zulfiya Musina and deputy security chief Andrey Kibitsky to prison terms ranging from 3 to 9 years for swindling.

Promsberbank was declared bankrupt in 2015.