Yerkhov Alexander

Yerkhov Alexander

Biography

2022: A term of 5.5 years for fraud worth 2 billion rubles

At the end of June 2022, the verdict came into force to the former owner of the Rostov Stella Bank, Alexander Erkhov, who was found guilty of fraud in the amount of almost 2 billion rubles.

According to Interfax, citing the press service of the FSB of the Rostov Region, by a court decision, property and cash totaling more than 1.6 billion rubles was recovered from Erkhov, as well as from his relatives, to pay off damage to the state in the person of the state corporation Deposit Insurance Agency. In addition, the term of punishment appointed by the court of first instance under Part 4 of Article 159 of the Criminal Code of Russia (fraud), in the form of 5.5 years of imprisonment in a general regime colony, was upheld.

According to the prosecution, Erkhov in March 2016 acquired Stella Bank and issued it for several dummies. A month later, the Central Bank deprived the bank of its license, but during this time they already managed to withdraw 1.9 billion rubles from it by issuing deliberately bad loans to dummy individuals and fictitious organizations. Embezzlement of funds led to the bankruptcy of the bank. The investigation believes that the organizer of the embezzlement was Alexander Erkhov.

In addition, according to investigators, under the guise of expanding the network of the bank's presence, its representative offices were urgently opened in Moscow, where they began to pursue an aggressive policy of attracting deposits from the population at significantly inflated interest rates.

For a long time, the only shareholder of Stella Bank was the founder and chairman of the board of directors Konstantin Averin, but then Erkhov bought it. In March 2022, the Zamoskvoretsky District Court of Moscow sentenced him to five and a half years in a maximum security colony. The appeal was sent to the Moscow City Court, which upheld the verdict.^[1]

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