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Ex-Moscow Mayor’s Billionaire Wife Denies Role in Fraud Case

Yelena Baturina, the billionaire wife of ousted Moscow mayor Yury Luzhkov, denied wrongdoing in a $407 million fraud case that led to a police raid on her ZAO Inteco property company in February.

The Interior Ministry’s investigative committee said Feb. 17 that ZAO Premier Estate colluded with employees of Bank of Moscow to fraudulently receive a loan of about 13 billion rubles ($407 million) that ended up in Baturina’s personal account. The company had no intention of repaying the loan, while incorrect information was given about the collateral against which it was issued, the ministry said, without specifying the collateral.