Scheme to embezzle $20m from Concord Bank exposed in Ukraine

The Economic Security Bureau (ESB) has notified a deputy head of a department at the commercial bank "Concord" of suspicion. She is accused of aiding in the illegal siphoning of funds from PJSC "Ukrnafta".

The case concerns 20 million dollars that were siphoned from the company on the first day of the full-scale war. Investigators believe the suspect played a key role in this operation.

How "Ukrnafta" millions disappeared

According to investigators, financial fraud was carried out through a commercial bank where the suspect worked. She helped the scheme's organisers structure the transactions in a way that would not raise suspicions among regulators.

The ESB claims that the funds were siphoned under sham contracts, with the transactions disguised as legitimate banking operations.

Criminal case and potential punishment

Law enforcement agencies are continuing their investigation and are checking the involvement of other individuals in the siphoning of funds. The suspect faces criminal liability for aiding in the misappropriation of property on an especially large scale.

Investigators are considering the possibility of seizing the assets of the suspect and other participants in the scheme.