PYATIGORSK, August 12 Police officers in Karachay-Cherkessia have detained a man suspected of committing illegal financial transactions, in which he cashed out more than 176 million rubles, the press service of the Ministry of Internal Affairs for Karachay-Cherkess Republic.
According to the police, from 2017 to 2024, a 39-year-old local resident carried out illegal financial transactions to cash out funds, using the details and bank accounts of several controlled legal entities and individual entrepreneurs who, in fact, did not conduct any activities. 
«According to preliminary data, more than 176 million rubles were transferred to his accounts by clients on fictitious grounds, and the illegal income amounted to more than 17 million rubles,» the report says.
A criminal case has been opened against the suspect under Part 2 of Article 172 of the Criminal Code of the Russian Federation (illegal banking activity).