A court in Almaty has sentenced former banker Zhomart Ertaev to 11 years in prison for embezzling $ 334 million from Bank RBK.
The court also ordered the confiscation of his property and banned him from banking and financial activities for 10 years. Sputnik reports.
Earlier in September, Zhomart Ertaev fully admitted his guilt in embezzling and legalizing a large amount of money. In addition to him, another 36 people were accused in the case.
The trial of the former banker lasted from December 12, 2019. Ertaev has been in custody since May 8, 2017.
According to the prosecution, Ertaev stole 144 billion tenge (335 million dollars at the current exchange rate) from Bank RBK between 2011 and 2017.
The banker stole this amount while he was an advisor to the chairman of the board of directors of Bank RBK. With Ertaev’s help, bank loans were provided to shell companies in the amount of more than $ 80 million.
Moreover, Ertayev and his accomplices participated in a scheme for issuing loans to fictitious borrowers against non-existent collateral. In addition, they fraudulently withdrawn large amounts of money from the bank’s cash desk for personal purposes without documents.
The investigation suggests that these funds in the amount of $ 8 million were transferred to the accounts of Ertayev and his wife Nurgul, who at that time was on the board of directors of Bank RBK.