Rostov region police have found a large-scale fraud connected with metal market.

An ex-director of a closed company dealing in metal and metal ore wholesale has concluded a fictitious contract with a foreign company to supply ferroalloys raw materials.

But instead of the expensive raw materials metal waste was shipped.

After that the ex-director filed a claim to the tax service for the reimbursement of VAT in the amount of over 70 million rubles, which he later received and embezzled.

The police carried out searches in the company offices and recovered documents confirming the illegal activity.

The ex-director is facing 10 years in prison. (Ukrainian metal)

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