Sergey Rachinstein, a businessman wanted by Lithuania on the suspicion of embezzling European Union (EU) funds, was detained in the city of Ho Chi Minh in Vietnam last week.
Sergey Rachinstein in 2014
© DELFI / Tomas Vinickas

The man was arrested under the Lithuanian arrest warrant on January 21, the Financial Crime Investigation Service said.

According to data provided by Vietnam's national bureau, the country's police is currently conducting checks whether the person has committed crimes that would require bringing him to justice in Vietnam before deciding on his extradition to Lithuania.

The arrest warrant for Rachinstein was issued by a Vilnius court on February 6 last year.

In the investigation conducted by the Lithuanian Financial Crime Investigation Service, the businessman is listed as the leader of an organized group that is suspected of fraud in receiving EU support worth millions of euros, document forgery and unlawful corporate operations.

According to case information, the suspects purchased shares of companies faced with financial difficulties that had received more than 3 million litas (€870,000) in EU aid. On behalf of the firms, they concluded fictitious deals with a newly-established company that was used as a contractor and supplier of equipment. All these companies were de facto headed by the head of the organized group.

Rachinstein is also on trial for fraud, a Vilnius court has sentenced him to 2.5 years in prison. The case is currently pending at the Supreme Court.

BNS
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