FSB detains head of Russian bank over multi-million dollar bribery case PHOTO

Russian security service officers have detained Fyodor Bogdanchikov, chairman of Snezhninsky Bank, in connection with a major bribery and embezzlement investigation involving over 1 billion rubles (around $13 million), according to sources cited by RBC news agency.

Investigators allege that Bogdanchikov orchestrated a large-scale illegal scheme from 2021 to 2025, systematically accepting bribes from a banking agent in exchange for submitting falsified documents to Dom.RF Bank — a government-backed financial institution supporting Russia’s housing sector. The scheme reportedly involved securing budget funds through fictitious transactions meant to aid large families.

The preliminary amount of the bribes is estimated at 19 million rubles ($230,000). Authorities suspect that Bogdanchikov’s network artificially inflated payment amounts and approved loans to non-existent individuals.

Searches were conducted at Bogdanchikov’s home and workplace on July 21. He faces charges under Russia’s criminal code for commercial bribery on a particularly large scale, which carries a potential prison sentence of up to eight years. The court is currently considering his detention.

Snezhninsky Bank, founded to support defence industry conversion programs, has been led by Bogdanchikov since 2009. According to business registry data, the bank’s main shareholders include former Chelyabinsk regional vice-governor Igor Serbinov (45.4%), along with several other investors.

In 2025, Russia’s Central Bank carried out supervisory checks on Snezhninsky Bank, though no official decision has been announced following those inspections.

By Sabina Mammadli