Ex-Kalashnikov Deputy Director Pankin Detained Over $1.3 Million Fraud

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Former Deputy CEO of Kalashnikov Concern Sergei Pankin has been detained in Moscow on charges of grand fraud, according to Russian media outlet Mash.

Sources indicate that Pankin is accused of embezzling 100 million rubles ($1.3 million) in the procurement of military equipment. Under the terms of a contract for the production of army uniforms, fabric components for body armor and helmets were supposed to be manufactured in Russia. However, these items were imported from China and marked up in official documents to inflate their cost. The difference in price was allegedly pocketed by Pankin. To carry out this scheme, Pankin used his own company, Eurostar.