Kabardino-Balkarian banker earns 100 million illegally

President of a bank in Kabardino-Balkaria has earned 100 million rubles by forging passports and doing illegal business, ITAR-TASS reports.

Five passports for inexistent Nalchik residents were made in 2012. The fake individuals were registered as businessman and were given accounts in the bank. The banker has also been engaged in trading construction materials using the inexistent businessmen for over a year.

The crime was revealed in early 2013. The banker managed to earn 100 million rubles. The police are checking tax inspectors and bank staff responsible for helping the banker in his fraud schemes.

The head of the bank plead guilty and said that he did not want to pay taxes. He may be jailed for 5 years and fined with 80,000 rubles.