Lithuania re-arrests former BaltCap partner amid ongoing fraud investigation

Lithuanian law enforcement authorities have re-arrested former BaltCap fund partner Šarūnas Stepukonis, who is suspected of embezzling tens of millions of euros.

The European Public Prosecutor’s Office (EPPO) confirmed the detention ahead of trial, Caliber.Az reports, citing Lithuanian media.

The court found there was a risk that he would fail to appear before investigative authorities, in accordance with national law.

In December last year, his preventive measure was changed from an electronic ankle bracelet to an obligation not to leave his place of residence and to regularly report to police.

Stepukonis was first detained in February 2024 in Vilnius, with his documents also seized.

The investigation into the alleged misappropriation of BaltCap funds is ongoing and has been expanded.

It now covers not only embezzlement, but also alleged fictitious accounting and the submission of false data to tax authorities to avoid taxation.

By Bakhtiyar Abbasov