National Bank of Moldova announces that it has received a second note on the progress of the company Kroll to investigate the major fraud in the banking sector of the Republic of Moldova.
According to the press release issued by NBM, in the second phase of the investigation, funds flow analysis has been significantly extended to cover the period 2012-2014 and were prosecuted all fraudulent loans granted by the three banks in Moldova before their final destination.
Investigation company Kroll discovered a complex and coordinated structure of money laundering, involving hundreds of companies and bank accounts in different jurisdictions.
In the period 2012-2014, three Moldovan banks have lent a total amount exceeding USD 3 billion. These funds were channeled largely through a international structure complex of money laundering, with a significant fraction of the funds back to Moldova for payment of previous loans.
Until now, funds flow analysis of the investigation has identified more than 600 million dollars that disappeared during this period without returning to the three banks in Moldova for payment of previous loans. These funds were dissipated in many foreign jurisdictions, and Kroll investigation results show that fraud beneficiaries extend beyond companies and individuals in connection with the Shor Group.
National Bank of Moldova informs that Kroll and Steptoe & Johnson continues to work with regulators and other relevant stakeholders in multiple jurisdictions, including in Latvia and Estonia, in order to obtain evidence to identify the final beneficiaries, to undertake actions to recover the misappropriated funds.
"The Kroll company regularly informs the National Bank of Moldova of advancement of the investigation, a highly complex investigation that involves hundreds of transactions designed to deliberately conceal the destination and the final beneficiaries of this fraud. The investigation has progressed significantly, but its details must remain confidential for the time being to maximize the chances of recovery of the funds" notes NBM.
We remind that, following the fraud, Banca de Economii, Social Bank and Unibank reached bankruptcy in late 2014 and were found missing a billion dollars from them.
Investigation company Kroll is part of the ongoing investigation concerning transactions carried out during the years 2012-2014 by the three banks in Moldova.
The first phase of the investigation has uncovered clear evidence of the involvement of Ilan Shor, as well as companies and individuals in connection with him (together "Shor Group").
The ultimate goal of the investigation is the worldwide recovery of funds from criminals and identifying all parties who participated and deliberately profited from the fraud, including parts and financial institutions outside Moldova.