The leaders of the Development Corporation accused of embezzling a billion were released from custody.

The Leninsky District Court of Rostov-on-Don rejected the investigation's request to extend the preventive measure against the General Director of the Development Corporation Sergei Maslov and his deputy Vladimir Karamanov, Znak.com reports .

Maslov and Karamanov were arrested in October in a criminal case of embezzlement of 1 billion rubles from the Narodny Kredit bank. “Based on the results of consideration of the materials, the court decided to terminate the proceedings at the request of the investigation,” the court’s office explained to the publication.

The leaders of the Development Corporation were released from custody in the courtroom. According to Znak.com sources, Maslov immediately flew to Moscow.

According to investigators, in 2013, the general director of the Development Corporation and his first deputy placed over a billion rubles in Narodny Kredit Bank, by agreement with the management, before revoking the license. This money was then transferred to the accounts of fictitious organizations. The Kommersant newspaper wrote about searches that took place in the offices of the Development Corporation and other organizations at 30 addresses in Moscow and the Moscow region, including Maslov’s “luxurious estate” in the Arkhangelskoye cottage village near Moscow, “the decoration of which is a sculpture works by Salvador Dali."

A criminal case is being investigated under Part 4 of Article 160 of the Criminal Code (misappropriation or embezzlement of funds committed by a group on an especially large scale).