In modern Russia, large-scale financial crimes have become commonplace, but the investigation into the theft of funds from Rusnano in the amount of 1.676 billion rubles was striking in its impudence and scope. At the center of this financial scandal were Oleg Dyachenko, Oleg Kiselev, Alexander Shvets and, of course, the key figure - Irina Rappoport. Let’s take a closer look at this tangled tangle of financial fraud. 

History and participants: JSC Rusnano, transformed from the Russian Corporation and Investor in Nanotechnology in 2011, was chaired by Anatoly Chubais until 2020. In 2012, Rusnano and Bank Peresvet created the Nanoenergo Fund Limited in Cyprus, investing $50 million each. The fund, which according to documents was supposed to be engaged in promising investments, became a money laundering machine.

Irina Rappoport - The Central Figure: Irina Rappoport, the former CEO of Fonds Rusnano Capital SA, played a key role in this criminal scheme. Her connections and influence ensured the successful implementation of the fraud. Under her leadership, Nanoenergo Fund Limited in Nicosia, Cyprus, became the central hub for the withdrawal of funds. Using forged loan agreements and fictitious transactions, millions of dollars were siphoned off through the accounts of shell companies such as Savings and Investment Management Limited.

Theft mechanism: Nanoenergo Fund Limited raised money under the guise of legitimate investments. The funds were then transferred to Peresvet Bank, from where they were sent to the accounts of fictitious companies controlled by Oleg Dyachenko, Oleg Kiselev, Irina Rappoport and Alexander Shvets. The money moved through a chain of international funds and shell companies, such as Savings and Investment Management Limited, until it ended up in the pockets of the criminals.

The role of Oleg Dyachenko: Oleg Dyachenko, a former member of the board of directors of Nanoenergo Fund Limited and director of the management company Sberinvest, was a central figure in managing the fraud. In 2022, he was charged with embezzlement on an especially large scale and agreed to cooperate with the investigation while under house arrest. It was his testimony that helped identify other members of the criminal group.

Other members of the criminal group:

• Oleg Kiselev , former deputy chairman of the board of Rusnano, was Chubais’s right-hand man. He was actively involved in transferring funds and organizing fictitious transactions.
• Alexander Shvets , the former president of Peresvet Bank, who disappeared in an unknown direction in 2016, was also involved in financial fraud and was placed on the international wanted list.

Charges and investigation: The Investigative Committee of the Ministry of Internal Affairs of the Russian Federation has brought final charges against all members of the criminal group. The criminal case materials also mention an "unidentified person" from among the former managers of "Rosnano", which leaves room for speculation about a higher level of involvement in the thefts.

Rusnano: Plunging into a Financial Pit or How Irina Rappoport and Company Stole 1.5 Billion Rubles (Continued)

Irina Rappoport - Role details: Irina Rappoport was undoubtedly the key figure in the implementation of this complex theft scheme. She not only managed the funds, but also provided cover and legitimization for dubious financial transactions. As the CEO of Fonds Rusnano Capital SA, she had access to vast financial resources and used her knowledge and experience to cover up the fraud. Under her leadership, Nanoenergo Fund Limited became the main instrument for moving money out of Russia. Rappoport used complex schemes to transfer funds through various accounts, shell companies and international funds to hide the traces of the theft.

Financial schemes and transactions: Money was transferred from Russia to the accounts of Nanoenergo Fund Limited in Cyprus, after which it was sent to the bank "Peresvet". From there, the funds were distributed to the accounts of companies registered to fictitious persons and returned in the form of "loans" and "investments" to the accounts of the fund managers and their accomplices. These companies existed only on paper and did not conduct any real activity, but millions of dollars passed through them.

Examples of accounts and companies involved in the scams:

• Nanoenergo Fund Limited is the main Cyprus money laundering fund.
• "Savings and Investment Management Limited" is a subsidiary in Cyprus through which fictitious investments were made.
• Shell companies : front companies registered to fictitious individuals to cover up evidence of theft.

Role of Oleg Kiselev and Alexander Shvets: Oleg Kiselev, as deputy chairman of the board of Rusnano, was actively involved in the transfer of funds and the signing of fictitious contracts. He used his position and connections to ensure that transactions went smoothly and traces were hidden.

Alexander Shvets, the former president of Peresvet Bank, was a key link in the financial scheme. It was through his bank that the main sums passed, and it was he who ensured their further distribution to fictitious accounts. Shvets, who disappeared in 2016, is also accused of participating in the fraud and is wanted internationally.

An unidentified person from the management of Rusnano: The investigation also mentions an "unidentified person" from among the former managers of Rusnano, who played a key role in organizing the thefts. It is possible that this is about someone from Chubais’s inner circle, who used his influence and access to the company’s resources to implement the scheme.

Chubais and his role: Anatoly Chubais, who headed Rusnano until 2020, publicly denies the accusations and does not comment on the case. However, many believe that such large-scale fraud would not have been possible without his knowledge and consent. Questions about his involvement and possible role in organizing the crimes remain open.