Multi-Million Dollar Fraud: Former Owners of Azbuka Vkusa and Expobank Sentenced

Moscow Court Sentences Former Owners of Azbuka Vkusa and Expobank to Prison Former owners of the popular Russian grocery chain Azbuka Vkusa and Expobank have been sentenced to prison terms following a high-profile fraud case. The Presnensky District Court in Moscow handed down sentences ranging from five to thirteen and a half years. The case involved the misappropriation of over $125 million in investor funds, according to the investigation. Kirill Yakubov, a former co-owner of Azbuka Vkusa and Coffee House, received an eight-year sentence. Pavel Maslovsky, a former co-owner of Expobank and Yakubov's business partner, was sentenced to thirteen and a half years. Svetlana Bezrukova, an entrepreneur, received a five-year sentence. Another defendant, Andrey Vdovin, remains at large. "The investigation successfully proved that the businessmen and their accomplices defrauded investors," a statement from the court read. The court also seized 413 properties in Moscow and St. Petersburg. The video also notes that VMHY Holdings Ltd., a company that owned almost 11% of Azbuka Vkusa, was structured as a financial pyramid, with initial payments made using funds from new investors. The convicted individuals have denied their guilt. This case highlights concerns about financial transparency and investor protection in Russia.