Three Charged in Bulgarian Development Bank Embezzlement Case Linked to "The Wolf"

In the case surrounding a nearly 150 million leva loan from the Bulgarian Development Bank (BDB) to a company linked to Rumen Gaitanski - "The Wolf", three individuals have now been charged. The case, initially dismissed in 2023, has been reopened under the charge of "embezzlement on a particularly large scale, constituting a particularly serious case." This charge carries a potential sentence of 10 to 20 years in prison and asset confiscation, according to a recent prosecutor's briefing.

The investigation has an intriguing history. It began in October 2022, based on a tip-off, although the loan in question dates back to 2019. In May 2023, the case was dismissed by the prosecutor due to a lack of evidence, a decision later upheld by the Appellate Prosecutor's Office.

However, the Supreme Cassation Prosecutor's Office later identified gaps in the investigation, particularly regarding the connections between the companies that received the loan funds. They found no evidence to support the original charges but returned the case for further investigation, suggesting the possibility of other crimes. The case was reassigned in January 2024, leading to its reclassification as embezzlement.

Subsequent investigative efforts included extensive witness interrogations and the gathering of documents from BDB, the National Revenue Agency (NRA), and other entities. Later, the case was handed over to an investigator, with an inspector from the Anti-Corruption Commission taking a leading role in the searches and seizures conducted at Gaitanski's properties.

Both Gaitanski and Stoyan Mavrodiev, another key figure in the case, have been charged in absentia and are currently being sought by authorities. There is no confirmation that they have fled...