Savings and loan association board member suspected of investment fraud

Money.
Money. Source: Alexandr Podvalny/Pixabay

The Central Criminal Police on May 23 detained a member of the board of the Developing Estonia Savings and Loan Association (Eesti Arengu Hoiu-laenuühistu) who was handed a suspicion of investment fraud.

According to suspicions, 39-year-old Maksim presented false data to attract investments.

Criminal proceedings will determine whether the board member has presented false information in the name of the association on annual reports, general meeting of depositors, fixed-term deposit guarantees and asset investments.

Evidence suggests the member of the board of the savings and loan association has misused their position by presenting false data and in doing so harmed the association and the interests of depositors.

Leho Laur, head of the economic crime unit of the Central Criminal Police, said that intervening in the activities of savings and loan associations is an extreme measure only taken when the police have information to suggest criminal activity.

"In this case, we have reason to suspect that the activities of the board member did not represent the interests of depositors and the association. We will determine the extent of the damage and how investments have been used in the course of preliminary investigation," Laur said.

The proceedings are handled by the Central Criminal Police's economic crime unit for the Office of the Prosecutor General.

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Editor: Marcus Turovski

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