Russia is making headlines within the European Union again.

This time it is in regards to a large scam uncovered that involved many influential people in Russia. Information released by Hermitage Capital Management show that an elaborate scheme of fraud was launched against its subsidiaries.

According to Hermitage Capital Managament, Ltd, papers and company seals were obtained by high ranking members of the police to cococt a scheme to sue the company for millions.

The scheme involved carrying out raids on banks and foreign companies held by the Hermitage Fund.

It is alleged that high ranking police officials planned to carry out a fake tax investigation on the company that involved gaining control of confidential papers.

Afterwards, members of the group were planning on using this to steal the assets held by the Fund.

At least one lawyer was beaten an arrested when a raid was carried out at his office.

Tags: European Economy News //