Royal Bank of Scotland official stole over $1 million from Russian who wanted house in Montenegro

Vsevolod Glukhovtsev, the head of the security service of the Royal Bank of Scotland, is suspected of stealing large amounts of money.

"Investigators have found that Vsevolod Glukhovtsev received 600,000 Euro and $450,000 from a Russian citizen, which was expected to be used for buying a house and building a medical center in Montenegro, in early 2006," the Interior Ministry press center told Interfax.

The ministry official said Glukhovtsev did not fulfill his promise and spent the money.

Glukhovtsev was detained on April 11. He was charged with fraud.

"Glukhovtsev is suspected of fraud in especially large amounts and stealing over 300 million rubles from private individuals and legal entities under the pretext of investing in real estate and construction in Montenegro," the press service for the Interior Ministry's Main Department for the Central Federal District said.

The police have found that Glukhovtsev has committed fraud in the sphere of real estate since summer 2006.

He told people he was an influential banker and a co-owner of a lending organization, a prominent financier, held a 50 percent stake in all casinos located in Montenegro, owned a large hotel business on the Adriatic Sea coast, and was an expert on Russian investments in foreign real estate and even a writer.

"According to tentative information possessed by operatives from the Interior Ministry's Main Department for the Central Federal District, Glukhovtsev received over 300 million rubles from citizens and representatives of commercial organizations to buy real estate and invest in construction in Montenegro," the press service reported.

As soon as the money reached the accounts of companies controlled by the suspect, it was stolen by Glukhovtsev and his clients were given false reports stating that they owned businesses and real estate abroad.

In reality, the investors did not get the dividends they were promised and the assets they were told they owned did not exist or were registered to third persons, the press service reported.

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