The developer from Kabardino-Balkaria is suspected of housing fraud.

A new criminal case has been initiated in the Cheregem district against a developer suspected of fraud involving housing in a multi-apartment residential building in the village of Shalushka.

As reported by "Caucasian Knot", in mid-October, a criminal case was initiated against a developer in Kabardino-Balkaria, who is suspected of large-scale fraud with the funds of shareholders during the construction of houses in the village of Shalushka. Members of the housing cooperative claim that the pace of construction has slowed due to the debts of the shareholders.

According to the investigation, in September 2020, two citizens entered into a shared participation agreement with an individual entrepreneur who undertook the obligation to construct a multi-apartment residential building in the village of Shalushka, the Investigative Committee of Kabardino-Balkaria reports today on its Telegram channel.

The suspect received 4 million 200 thousand rubles from the citizens and spent them on purposes unrelated to construction. The multi-apartment residential building has not yet been put into operation.

"The investigation is establishing all the circumstances of the committed crime, measures are being taken to identify other possible facts of law violations, as well as to compensate for the damage caused," the agency's message states.

A criminal case has been initiated against him by the investigative department for the Cheregem district, and he is accused of fraud committed on a particularly large scale. The sanctions of the article provide for up to ten years of imprisonment.

"Caucasian Knot" also reported that the court lifted the arrest from the apartments built by the developer from Kabardino-Balkaria, Andzor Khalilov. They are not objects of the crime, which the court confirmed, the defense pointed out, emphasizing the inadmissibility of the evidence available to the investigation in the case of financing terrorism.