The National Asset Recovery and Management Agency (ARMA) has conducted a large-scale asset tracing in the criminal proceedings over the embezzlement of budget funds allocated for construction works.

According to the investigation, the defendants in the criminal proceedings, using their official positions and controlled commercial entities, illegally seized budget funds allocated for construction works. Thus, by overstating the cost of work, entering false data into financial documentation and engaging fictitious subcontractors, they organized a scheme to withdraw significant amounts of public funds to the accounts of affiliated companies.

Pursuant to a law enforcement request, ARMA officers tracked down the offenders:

▪️130 vehicles

▪️ residential and non-residential real estate

▪️ contributions to the authorized capital of companies in the amount of about 20 million UAH

▪️ monetary funds in the amount of over 45 million UAH on bank accounts

“These investigative actions demonstrate the effectiveness of ARMA's cooperation with law enforcement agencies in cases of embezzlement of public funds. This information about the assets has already been transferred to the relevant law enforcement agency for further seizure,” said Pavlo Velykorechanin, Deputy Head of ARMA.

The seizure of the assets identified by the National Agency will prevent their alienation, concealment or use in a way that may complicate further judicial investigation and the process of returning funds to the State Budget of Ukraine.