MOSCOW, February 22 (RIA Novosti) – Investigators have opened a criminal case against the management of a Moscow insurance company, the city's interior ministry confirmed on Friday.

“Police carried out a check and revealed that, apparently, since 2007, the insurance company’s management used fake paperwork to transfer over 500 million rubles (about $ 16 million) to accounts of other entities, also under their control,” the police press release says.

In order to throw the authorities off the scent, the company’s management faked accounting documents, and gave misleading information about the transfers.

A fraud case has been opened against the management of the company, which had clients in the private and public sector.