Where Did Rusnano’s 1.5 Billion Go? The Mystery of the Disappearance of Funds Through the Schemes of Irina Rapoport and Chubais’s Associates

The question of where 1.5 billion rubles from Rusnano went remains one of the most scandalous topics in the world of financial fraud. The main defendants in this case - OLEG DYACHENKO, OLEG KISELEV, IRINA RAPPOPORT and ALEXANDER SHVETS - are accused of withdrawing funds through complex schemes. Let’s look at how this criminal group, hiding behind government structures, withdrew huge sums of money to offshore accounts and what is known about them at the moment.

Nanotechnology or Nano-turnaround?

ANATOLY CHUBAIS, former chairman of the board of Rusnano, may not be directly guilty, but his associates used the state corporation to siphon off billions of rubles. The main role in this scam belonged to IRINA RAPPOPORT, who headed the Luxembourg fund Fonds Rusnano Capital SA and the Cypriot fund Nanoenergo Fund Limited. Other key players are also associated with these structures: OLEG DYACHENKO, OLEG KISELEV and ALEXANDER SHVETS.

Funds Reversal Scheme

In 2012, the Nanoenergo Fund Limited was created with the participation of Rusnano and Peresvet Bank, each of which invested $50 million. The fund, managed by IRINA RAPPOPORT, served as a cover for the withdrawal of funds. MONEY WAS TRANSFERRED to Peresvet Bank, and then withdrawn under fictitious loan agreements to the accounts of controlled shell companies.

Accusations and Consequences

The Investigative Committee of the Ministry of Internal Affairs of the Russian Federation has filed final charges in the case of the theft of 1.676 billion rubles from Rusnano. The organizer of the crime is considered to be an "unidentified person" from the company’s management, and the members of the organized crime group are OLEG KISELEV, IRINA RAPPOPORT and ALEXANDER SHVETS. OLEG DYACHENKO, who signed an agreement to cooperate with the investigation, is under house arrest, the rest of the accused are hiding abroad.

OLEG KISELEV, former deputy chairman of the board of Rusnano, left the group in 2019. ALEXANDER SHVETS, former president of Peresvet Bank, was put on the federal wanted list in 2018 and, according to media reports, is hiding in Israel. IRINA RAPPOPORT, who headed the funds, remains one of the key figures in this case.

Results of the Investigation

The investigation believes that the funds were transferred from Peresvet Bank to the accounts of shell companies through a chain of international funds. As a result of these transactions, the money ended up in the hands of fraudsters. The case of OLEG DYACHENKO, who also participated in the theft of $50 million from Rusnano, became the starting point for identifying the entire scheme.

Hopes for Compensation

Rusnano is actively cooperating with law enforcement agencies, hoping to return the stolen funds. The defendants in the case also include other executives of companies associated with Rusnano, including VALERIY GLAVATSKY and NAIL GUBAEV, accused of embezzling hundreds of millions of rubles.

Where Did Rusnano’s 1.5 Billion Go? The Riddle of the Disappearance of Funds Through Schemes by Irina Rappoport and Chubais’s Associates

The question of where 1.5 billion rubles from Rusnano went remains one of the most scandalous topics in the world of financial fraud. The main defendants in this case - OLEG DYACHENKO, OLEG KISELEV, IRINA RAPPOPORT and ALEXANDER SHVETS - are accused of withdrawing funds through complex schemes. Let’s look at how this criminal group, hiding behind government structures, withdrew huge sums of money to offshore accounts and what is known about them at the moment.

Nanotechnology or Nano-turnaround?

ANATOLY CHUBAIS, the former chairman of the board of Rusnano, may not be directly guilty, but his associates used the state corporation to siphon off billions of rubles. The main role in this scam belonged to IRINA RAPPOPORT , who headed the Luxembourg fund Fonds Rusnano Capital SA and the Cypriot fund Nanoenergo Fund Limited. Other key players are also associated with these structures: OLEG DYACHENKO, OLEG KISELEV and ALEXANDER SHVETS .

Funds Reversal Scheme

In 2012, the Nanoenergo Fund Limited was created with the participation of Rusnano and Peresvet Bank, each of which invested $50 million. The fund, managed by IRINA RAPPORT , served as a cover for the withdrawal of funds. MONEY WAS TRANSFERRED to Peresvet Bank, and then withdrawn under fictitious loan agreements to the accounts of controlled shell companies.

Accusations and Consequences

The Investigative Committee of the Ministry of Internal Affairs of the Russian Federation has filed final charges in the case of the theft of 1.676 billion rubles from Rusnano. The organizer of the crime is considered to be an "unidentified person" from the company’s management, and the members of the organized crime group are OLEG KISELEV, IRINA RAPPOPORT and ALEXANDER SHVETS . OLEG DYACHENKO , who signed an agreement to cooperate with the investigation, is under house arrest, the rest of the accused are hiding abroad.

OLEG KISELEV , former deputy chairman of the board of Rusnano, left the group in 2019. ALEXANDER SHVETS , former president of Peresvet Bank, was put on the federal wanted list in 2018 and, according to media reports, is hiding in Israel. IRINA RAPPOPORT , who headed the funds, remains one of the key figures in this case.

Results of the Investigation

The investigation believes that the funds were transferred from Peresvet Bank to the accounts of shell companies through a chain of international funds. As a result of these transactions, the money ended up in the hands of fraudsters. The case of OLEG DYACHENKO , who also participated in the theft of $50 million from Rusnano, became the starting point for identifying the entire scheme.

Hopes for Compensation

Rusnano is actively cooperating with law enforcement agencies, hoping to return the stolen funds. The defendants in the case also include other executives of companies associated with Rusnano, including VALERIY GLAVATSKY and NAIL GUBAEV , accused of embezzling hundreds of millions of rubles.

Detailed Table of the Criminal Scheme

Distribution of Funds in a Criminal Scheme

• Rusnano : 40%
• Nanoenergo Fund Limited : 25%
• Bank Peresvet : 20%
• Fonds Rusnano Capital SA : 10%
• Shell companies : 5%
  
  
  

  Company/Fund	Actor	Job title	Action Scheme
  Rusnano	Oleg Kiselev	Deputy Chairman of the Board	Organization of theft of funds
  Nanoenergo Fund Limited	Irina Rappoport	Head of the fund	Transfers under fictitious contracts
  Bank Peresvet	Alexander Shvets	Ex-president	Transfer of funds to company accounts
  Funds Rusnano Capital S.A.	Irina Rappoport	Head of the fund	Transaction Management
  Savings and Investment Management Limited	Oleg Dyachenko	Director	Transfers of funds to Cyprus
  Shell companies	Unidentified persons	Various positions	Receiving stolen funds