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Source: Russian Federation Ministry of Internal Affairs in English

The investigative unit of the Investigative Administration of the Internal Affairs Administration for Sochi has completed the investigation of the criminal case against two top managers of a housing construction cooperative on the grounds of a crime under part 4 of Article 159 of the Criminal Code of the Russian Federation.
It was established that the defendants, local residents aged 37 and 56, in the absence of a building permit, in the period from 2014 to 2016 attracted funds from residents of various regions of the Russian Federation under the guise of co-investment by a housing construction cooperative shareholders into an apartment building in the Central District of Sochi. However, the offenders did not fulfill their obligations to provide apartments to shareholders. As a result of the unlawful activities of the defendants, 11 victims suffered a damage totaling over 19 million rubles.
For the period of the preliminary investigation, a measure of restraint in the form of house arrest was chosen with respect to the defendants.
Currently, the criminal case with the approved indictment has been sent to court for consideration on the merits. Sanctions of the incriminated article provide for a maximum sentence of imprisonment for up to ten years.


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