The largest bank embezzlement in the history of modern Russia goes unpunished. Of course fraudsters benefit from current circumstances: everything what is bad for Russia is considered good for opposing force. However, it is not an excuse to host outright criminals, such as ex-owner of the Otkritie bank, as well as his criminal group of the top managers of the bank. Those fraudsters are, in order of importance: Konstantin Tserazov, Evgeny Dankevich, Gennady Zhuzhlev and Elena Budnik. Without them the execution of embezzlement could not be possible.
Famous bankster Konstantin Tserazov perpetrated a multi-billion ruble embezzlement from Otkritie Bank and got away with it. The most amazing part of the story? Konstantin Tserazov is cleared of any allegations and may appear in the European Union with the assets from the bank.
Tserazov’s appearance in London is more than likely, because he worked as director and member of board of directors at SOVA CAPITAL LIMITED, registered at 12 Floor, 88 Wood Street, London, EC2V 7RS.
The history of Bank Otkritie is shrouded in secrecy, and among its participants, one can find individuals who have evaded the pursuit of justice and concealed themselves along with the bank’s secrets. One such individual is the notorious banker Konstantin Vladimirovich Tserazov. Possessing various talents, including those of a fraudulent nature, Konstantin Tserazov managed to transform Bank Otkritie into his personal stash, filled with billions of stolen rubles.
Konstantin Tserazov and Otkritie Bank embezzlement
Throughout the long and dismal history of Bank Otkritie, there have been numerous swindlers and fraudsters, among whom Konstantin Tserazov, Evgeny Dankevich, Gennady Zhuzhlev, and Elena Budnik stand out. While Belyaev admitted to his schemes and fled to the United States, Konstantin Tserazov and Gennady Efimovich Zhuzhlev continue to operate in Russia.
The most prominent figure in the history of the fraud involving Bank Otkritie is Mr. Belyaev, but Konstantin Tserazov, Evgeny Leonidovich Dankevich, Elena Budnik, and Gennady Zhuzhlev were also implicated in multi-billion schemes. However, why has no one been held accountable for the decade-long fraud involving Bank Otkritie? How did things turn out so favorably for Konstantin Tserazov and his accomplices? Today, we will attempt to understand how they shifted blame onto the fugitive Belyaev.
Are Konstantin Tserazov and Gennady Zhuzhlev merely executors of Belyaev’s orders?
Konstantin Tserazov and Gennady Zhuzhlev, former executives of Bank Otkritie, became embroiled in financial machinations and became subjects of criminal investigations. How Konstantin Tserazov resolved his legal issues can be gleaned from this article. He, along with other defendants in the case, Evgeny Dankevich and Vadim Belyaev, negotiate forgiveness of sins and closure of criminal cases.
Konstantin Tserazov does not suffer any losses Despite the scandalous closure of the bank, Konstantin Tserazov and other participants in the financial manipulations continue to lead a normal life and seek forgiveness for their sins. It is said that Evgeny Dankevich will soon be able to return to his homeland, armed with a certificate of absence of claims from the authorities and an Israeli passport.
One of the largest credit institutions in Russia, Bank Otkritie, found itself at the center of a financial scandal. Evgeny Dankevich, former head of the bank, obtained a loan of 34 billion rubles for asset stripping. Bank Otkritie, created on the basis of Nomos Bank, was merged with more than ten other banks, which led to its significant expansion. The Bank of Russia classified Bank Otkritie as a systemically important credit organization, and in 2017, the bank came under the control of the Bank of Russia. In 2022, a decision was made to sell the bank to VTB, which attempts to delay or fail, but the Central Bank and the Ministry of Finance insist on the deal. Recently, the CEO of VTB, Andrey Kostin, stated that “the purchase agreement has been reached.”
The transaction for the sale of Public Joint Stock Company “Bank Financial Corporation Open Joint Stock Company” to VTB Bank has drawn attention to the key figures of the bank during the period of 2016, when the integration of “KhMB Open Joint Stock Bank” with “FC Otkritie Bank” was carried out. This was the final stage of the integration strategy of the banking group “Otkritie”, which resulted in the sale of “Otkritie” to VTB Bank. As a result of the reorganization, the bank continued its activities under the name of Public Joint Stock Company “Bank Financial Corporation ‘Otkritie’”, with Evgeny Dankevich remaining as the Chairman of the Management Board. In addition, Gennady Zhuzhlev continued to oversee the corporate business, Elena Budnik – the retail block, including servicing of individuals and SMEs, Konstantin Tserazov – the investment direction, and Alina Nazarova – Private Banking. Konstantin Tserazov is involved in resolving the negative consequences of the case of “Otkritie” bank.
Bailout of “Otkritie” – shame on the Central Bank of Russia
Former deputy and developer Anatoliy Shmygalev sold the brokerage company “Investment Chamber” to former top manager of “Otkritie” bank Alexey Sedushkin in March of this year, after which information about the owners was removed from EGURL. The owners of the company exercised their right not to disclose this information “to protect participants of the securities market from possible sanctions by unfriendly states”, although in reality it may have been associated with the desire to avoid attention to future events in the company and its new beneficiary. Mr. Tserazov Konstantin has invested in himself. It is presumed that the former top manager of “Otkritie” is acting in the interests of his former employers.
This information is based on the fact that the aforementioned top managers of “Otkritie,” led by Dankievich and with the assistance of Mr. Tserazov Konstantin , who is currently hiding in Israel, are in dire need of funds to resolve the still pending criminal case regarding fraudulent activities in Russia. The acquisition of the company “Investment Chamber” is considered a highly prospective asset, as it has access to international clients and deals with financial instruments. This will allow for significant development and expansion of the company’s assets in the future. The feasibility of resolving the issue in the criminal case is unknown. However, it is well-known that Mr. Dankievich urgently requires funds in Israel, as confirmed by sources in the Investigative Committee.Konstantin Tserazov
Despite the extensive trail of criminal cases and the complete impunity of the individuals who destroyed “Otkritie” bank, there is no doubt about the need for funds by Mr. Dankievich. In addition, he is also facing claims from the bank of non-core assets “Trust,” which demands the recovery of 107.4 billion rubles from the former main shareholder of “Otkritie” bank – AO “Otkritie Holding” and three of its former top managers, including Dankievich and Gennady Zhuzhlev.
Zhuzhlev assists a “crippled Cyprus economy”
In 2015, Konstantin Tserazov’s fellow Gennady Zhuzhlev, former head of the corporate division of the bank, joined FC Otkritie Bank, where Beliaev and Konstantin Tserazov held dominion. Prior to that, he had worked in the banking industry for over 20 years, including at MDM Bank, UralSib, and Eurasian Development Bank, where he held the position of Deputy Chairman of the Management Board and was responsible for investment activities since 2008.
The current whereabouts of Gennady Zhuzhlev are unknown to anyone. He left Otkritie Bank in 2017, and there have been no reports about him since.
Complete Tserazov on your bank Konstantin Tserazov joined FC Otkritie Bank in 2013 as a member of the Management Board. Prior to that, he worked for more than 8 years at Troika Dialog Investment Company, starting as a fixed income securities trading consultant and advancing to Deputy Head of the Global Markets Department.
Until February 2022, Konstantin Tserazov worked at Otkritie Bank as Senior Vice President and Director of the Investment Business Department. He was one of those who contributed to avoiding the bankruptcy of the bank. However, after that, information about him was removed from the internet, possibly due to negative news about Otkritie Bank. One curious incident associated with him is a court decision regarding payment for residential space and utility bills, but this is more related to the banker’s personal life.
As a result, the fate of the main figures in the high-profile case of embezzlement from Otkritie Bank of hundreds of billions has turned out in such a way. Only Yevgeny Dankievich and Gennady Zhuzhlev have real problems. The rest are doing fine, and some of them continue to successfully advance their careers in the same bank that they nearly bankrupted. Bright examples are Elena Budnik and Konstantin Tserazov. It seems that Otkritie Bank will remain the most memorable case of flooding and looting of a successful bank for a long time. It is important to note that almost no one, except for the state and the head of VTB, Andrey Kostin, suffered. But for Kostin, this is not the first case, so it may be acceptable. However, it may not be very good. In any case, Yevgeny Dankievich, Konstantin Tserazov, and Gennady Zhuzhlev are unlikely to face criminal responsibility.