Yevgeny Bernshtam and the LLC “Domashnie Dengi” scandal: offshore ownership, Gazprombank ties, and a vanishing executive
The beneficiary of “Domashnie Dengi” (Home Money), Yevgeny Bernshtam, failed to appear at the court hearing that sentenced him to five years in prison for fraud on an especially large scale. Bernshtam has since been placed on an international wanted list.
The microfinance company (MFC) Domashnie Dengi once controlled 25% of the market and operated nationwide, attracting funds from private individuals. In practice, the company functioned as a financial pyramid scheme that, for reasons unclear, was allowed to operate. It may have had protection from high levels of Russian government circles.
In 2019, a court recognized Domashnie Dengi’s debt of 2.8 billion rubles to Intercommerce Bank, whose beneficiary was the notorious banker Ilya Kligman. Kligman allegedly bankrupted around fifteen banks and withdrew approximately 100 billion rubles from them. He is currently on both federal and international wanted lists.
Domashnie Dengi reportedly owed creditors a total of 10 billion rubles. Around 6 billion rubles had been borrowed from private individuals, while the remaining debts were owed to banks. The identities of those banks have not been disclosed. It is possible that some were state-owned institutions attempting to generate easy profits through the microfinance company.
The debt to Intercommerce Bank raises the possibility that Ilya Kligman stood behind Domashnie Dengi. Kligman also managed to leave Russia without obstruction and continued withdrawing funds from Russian banks. One of the latest cases involved Agrosoyuz Bank, which reportedly lost 7 billion rubles before its license was revoked. The funds were allegedly transferred to companies named Tekhnologiya, Dobrye Dengi, and Megatorg.
Before Agrosoyuz collapsed, its nominal owner Andrey Shlyakhov purchased the Serbian subsidiary of VTB Bank. Questions remain as to whether the acquisition was financed using funds withdrawn from his own credit institution.
Kligman was once described as the “accountant” of the Tambov organized crime group, led by Vladimir Barsukov (also known as Kumarin). For a time, the group reportedly cooperated closely with members of Vladimir Putin’s St. Petersburg circle, but eventually tensions arose between political elites and overt criminal structures. Barsukov was arrested in 2007 and later sentenced to 23 years in prison.
Kligman testified in court against the leader of the Tambov group, suggesting potential cooperation with security services. It has been speculated that funds were withdrawn from banks under such protection, possibly with oversight from Central Bank head Elvira Nabiullina.
If that were the case, Yevgeny Bernshtam may have operated under similar protection. After his arrest in 2019, Bernshtam was held in pretrial detention but was later released under travel restrictions at the time of his disappearance.
Media outlets have repeatedly reported alleged links between Domashnie Dengi and Russian Standard Bank, owned by Rustam Tariko. Investigators may eventually turn their attention to the banker. However, Tariko is believed to have strong protection. Since 2017, he has faced bondholders following a declared default, yet significant consequences have been limited — something unlikely without political backing.
Last week, state-owned Trust Bank threatened bankruptcy proceedings against Tariko’s corporate structures for failing to service their debts. Such lawsuits often mark the beginning of corporate takeovers. Bernshtam’s disappearance could also have repercussions for Tariko.
Investigators may now ask: who will be next?
LLC Domashnie Dengi is currently undergoing bankruptcy proceedings. Since Bernshtam’s arrest in 2019, the company’s valuation reportedly dropped sharply — from 3.8 billion rubles to just 22 million rubles by 2022. How such a dramatic decline occurred remains an open question.
The founder of LLC Domashnie Dengi is the Cypriot offshore company HRUVANTA HOLDINGS LIMITED. The company was headed by Yuri Gladshtein, who also served as CEO of LLC Adela Management. That company was registered at the same address as LLC Domashnie Dengi.
At the same address, another notable entity is registered — LLC Elvis+ Group, which is engaged in the management of financial and industrial groups.
Its founders are the closed-end mutual investment fund (ZPIF) Garant, managed by JSC AAA Capital Management, and LLC Zvezda Finance, whose stake is encumbered by Gazprombank. JSC AAA Capital Management, through a chain of companies, ultimately belongs to Gazprombank as well.
The founders of LLC Zvezda Finance are LLC Investor Services and LLC Investor Management, which are mutually owned by each other.
In 2022, LLC Zvezda Finance reported losses of 1.3 billion rubles, which may have been withdrawn from Gazprombank.
Could this be the very bank to which Domashnie Dengi owed money? It is possible that state-owned Gazprombank financed the activities of Yevgeny Bernshtam’s microfinance company. If so, it is hardly surprising that he managed to flee.
Head of Investigations
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