Russian police and financial intelligence service have uncovered a criminal community that laundered about $7 billion in 2004 and 2005, the RIA-Novosti news agency reported on Tuesday, quoting a release by the Interior Ministry’s Directorate for Fighting Economic Crime. .

The release said that the community, consisting of top managers of several banks and financial companies illegally converted into cash and transferred abroad over 390 million U.S. Dollars, 66 million Euros and over 200 billion Russian Rubles.

The Vek Bank and the Novaya Ekonomicheskaya Pozitsiya (New Economic Position) banks were mentioned in the release as the core of the illegal financial group.

Most of the funds were transferred abroad on the accounts of dummy organizations, RIA-Novosti quoted the release as saying.

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