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. Last Updated: 07/27/2016

Man Charged in Massive Fraud

Yevgeny Odnolko, president of the Amaris company that is suspected of defrauding more than 350, 000 St. Petersburg citizens, was arrested just outside Moscow nine days after police first tried to catch him in St. Petersburg, the newspaper Izvestia reported.

Amaris and another private company, Revansh, are suspected of having coaxed citizens into handing over 1 billion rubles in cash and privatization vouchers by promising them 250-percent returns in a single month.

According to St. Petersburg police, who called it "the fraud of the century", Odnolko and his colleagues told people they would use their money to buy Western consumer products and sell them in Russia at a profit.

The police moved in to arrest the suspects after receiving a flood of complaints, but found the offices of Amaris and Revansh empty.