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Russian woman gets 4.5 years in prison in $15 mln fraud case

January 27, 2014, 17:40 UTC+3 MOSCOW
1 pages in this article

MOSCOW, January 27. /ITAR-TASS/. A court in Moscow sentenced on Monday Yekaterina Alabuzhana to 4.5 years in prison after finding her guilty of a fraud, which cost a Czech company $15 million.

According to investigators, using a false name Alabuzhana promised Martin Schaffer, a top manager with Czech company PPF Investments Ltd, an involvement of top Russian government officials in settling a long-running commercial dispute between his company and Moscow-based Ingosstrakh insurance company.

Alabuzhana and her accomplice Vladimir Korovin subsequently talked Shaffer into extending a loan of $15 million and after the money was transferred they both disappeared.

Korovin was also found guilty on fraud charges and sentenced to five years in prison.

According to the company’s website, “PPF Investments is an independent, international private equity group with a specific focus on transitional economies such as those found in Central and Eastern Europe or Asia.”

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