Moldova ex-oligarch jailed for 19 years over $1bn ‘theft of the century’ bank fraud

Vlad Plahotniuc, once regarded as Moldova’s richest man and one of its most powerful political figures, has been sentenced to 19 years in prison for his role in the country’s notorious $1 billion banking fraud scandal, a case widely known as the “theft of the century.”

The ruling was delivered on Wednesday in Moldova, where prosecutors accused Plahotniuc of helping coordinate the 2014–2015 scheme that drained funds equal to 12% of the country’s GDP.

The court found Plahotniuc guilty of taking part in the fraud, in which loans worth $1 billion (£748 million) were transferred within two days through a network of UK- and Hong Kong-registered companies with unknown owners.

He was accused of personally receiving more than $40 million from the scheme and was ordered to pay about $60 million (£44 million) in damages to the state.

Plahotniuc, who has denied any wrongdoing, was absent from court during the sentencing. His lawyer said he would appeal the verdict.

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According to Reuters, prosecutors said they had evidence that Plahotniuc used the stolen funds for personal expenses, including the purchase of an Embraer Legacy 650 aircraft, property acquisitions, legal and medical services, tourism expenses, and business investments.

The scandal forced Moldova’s government to rescue the affected banks, protecting depositors but leaving a gap in public finances equivalent to one-eighth of the country’s GDP.

A later investigation found that much of the missing money ended up in companies linked to pro-Russian oligarch Ilan Shor.

Although Plahotniuc was not immediately implicated, he came under scrutiny in 2019 amid corruption allegations and fled Moldova after his Democratic Party lost power.

After spending six years outside the country, Plahotniuc was arrested in Athens in July 2025 while boarding a flight to Dubai. He was later extradited to Moldova to face trial.

On Wednesday, prosecutors said Plahotniuc had used “his influence in the public, political, financial and criminal environments” to allegedly coordinate “a network… in order to obtain illicit benefits”.

According to the BBC, authorities also alleged that he helped facilitate Shor’s access to shares in several commercial banks, enabling the fraud to take place.

Shor, who is currently living in Moscow, has recently faced accusations of orchestrating a pro-Russian vote-buying and voter-influence operation in Moldova.

Plahotniuc is still facing several other criminal investigations in Moldova, all of which he denies. His legal team insisted that the prosecution’s case was “politically motivated”.

(BBC)