A court will decide whether the frozen assets of Oleksandr Shakhov (Volkonsky), who is suspected of organizing the Elita-Center fraud on Kyiv's real estate market, will be enough to compensate for the damage caused to the fraud victims, according to Interfax-Ukraine.

Ukrainian Deputy Prosecutor General Viktor Pshonka said at a briefing in Kyiv on Wednesday that a pre-trial investigation on this case had been completed.

"All the assets of criminals worth a large sum have been frozen... and measures are being taken to compensate for the damage caused to the victims," he said.

Pshonka said that the sum of the frozen assets "is worth millions of hryvnias." "The court will decide whether these funds will be enough or not," he said.

As reported, a large-scale fraud was uncovered on the real estate market in Kyiv early in 2006. About 1,759 citizens were victims of the Elita-Center Group, whose representatives took money from the public as payment for housing that was never built. The total sum stolen from the victims was about UAH 400 million.

On November 1, 2007, a suspect in the fraud case, a man named Oleksandr Volkonsky (whose real name turned out to be Oleksandr Shakhov, born in Russia in 1971) was detained in Switzerland. He was extradited from Switzerland to Ukraine on October 9, 2008.


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