Finance Ministry’s Investigation Service dismisses misinformation on fraudulent embezzlement case

The Investigation Service of Georgia’s Ministry of Finance on Friday dismissed misinformation on a fraudulent embezzlement case that was spread by the alleged individual in one of the media outlets on Thursday, by saying it aimed to “misinform the public and discredit” the investigative body’s activities.

The Service said the investigation on a complaint from a company alleging the fraudulent misappropriation of a “large amount” of funds was transferred to the body for further investigation in March, with the case initially handled by the Adjara Prosecutor's Office.

The body said the investigation had established a company, controlled by two individuals identified only though their initials, had been contracted by the complainant company to purchase a yacht worth ₾1.1 million ($427,837) from abroad and deliver it to the complainant, with the parties signing purchase agreement in 2022, that was modified several times.

The body noted the alleged company had not delivered the item, with the complainant having only received €50,000 from the amount, adding the court had imposed bail and a travel restriction to the alleged offenders following a criminal prosecution initiated to the case.

The Service also noted a lawyer defending the interests of the accused, had been present during the investigative efforts, adding there was “no pressure or threat from the side of the investigation against the defendants”.

The criminal case was referred to the court for a hearing on the merits, the Service added.