Cellist Sergei Roldukhin was caught moving millions into Swiss accounts, admitting he was neither a businessman nor a millionaire. Bankers who did not raise the alarm or seek to know the source of the money are now in the dock
Sergei Roldukhin was a Russian cellist whom President Vladimir Putin described as a “brilliant musician”, a friend and a benefactor, even choosing him as godfather to his eldest daughter Maria. But according to a Panama Papers investigation published in 2016, Roldukhin was known as Putin’s “wallet,” used by the Kremlin to move the president’s millions around discreetly.
The case has now reached the courts in Switzerland: Four bankers from a branch of Russian bank Gazprombank, three Russians and one Swiss, opened a trial in Zurich on Wednesday for ignoring warning signs and allowing Roldukin to move millions of dollars. Without carrying out the necessary tests to determine the origin of the money.
The four defendants could not be identified due to restrictions under Swiss law.
According to security guard, Between 2014 and 2016 Sergei Roldukhin handled about 50 million in Swiss accounts, and there is no credible explanation for holding these sums. According to Swiss prosecutors, the four bankers did not do enough to trace the true source of the funds.
“All the evidence points to the contrary that Sergey Roldukin is the real owner of the property”Swiss lawyer Jan Hoffmann told the court. “The bankers did not follow the rules and should therefore be punished.”
The prosecutor asked for a seven-month suspended sentence for each of the bankers.
Rich for being friends with Putin
Defense lawyer Bernhard Lötscher said doubts about the owner’s true identity were insufficient from a criminal point of view, pointing out that it was “credible” that Roldukhin was rich only because he was a friend of Putin. His position in the Russian president’s inner circle could, for example, allow him to receive unsecured loans or other financial benefits.
Reuters approached the allegation that, officially, Putin has an annual income of 100,000 francs, but has large assets managed by people close to him. The Kremlin, which has not commented publicly on the case, has said on previous occasions that the cellist suffers from “putinophobia” and that the Russian president’s finances are in the public domain.
Rodulkin – who was put on a sanction list by European authorities after Russia’s invasion of Ukraine last year – has already told The New York Times that he is a millionaire, not a businessman. Putin, for his part, has already said of his cellist friend that he honestly made some money from a minority stake in a Russian company.
In the account opening documents, the cellist declared his activity only as a musician, which does not justify the millions. Under Swiss law, banks must terminate or reject business relationships when there is doubt about the identity of the other party to the contract.
The sentencing hearing of the four bankers is scheduled for March 30.