Volga-Credit Bank Officially Liquidated After Nearly 12 Years

The official liquidation of Samara-based Volga-Credit Bank (VKB) has been completed, ending a nearly 12-year process that began with a 1.5 billion ruble fraud scandal, the Deposit Insurance Agency announced.

Feb 3, 2026

The legal proceedings against Volga-Credit Bank executives were conducted in the Leninsky District Court over several years.
Source:
Roman Danilkin / 63.RU

The multi-year saga of the collapse of Samara bank Volga-Credit (VKB) has finally concluded. This was announced by representatives of the Deposit Insurance Agency (DIA).

«It has been excluded from the register of banks participating in the deposit insurance system due to the entry into the Unified State Register of Legal Entities of a record of its liquidation,» it says in the DIA«s statement.

According to the «Kontur.Fokus» system, VKB was established in 2002. Twelve years later, in 2014, the credit institution began experiencing problems. It then became known that due to machinations, the organization was short by 1.5 billion rubles (approximately $15 million at current rates). Shortly after, the Central Bank revoked VKB«s license. Following this, law enforcement agencies initiated a criminal case on fraud.

The investigation took 4 years. During this time, investigators conducted over 600 examinations and even used the services of divers. They were necessary to retrieve from the bottom of one of the reservoirs system units that, as the bankers themselves admitted, contained programs for embezzling money.

Simultaneously, deceived depositors began receiving compensation. According to the latest information, almost all affected parties got their money back.

In January 2021, the Leninsky District Court announced verdicts for VKB«s top managers, sentencing them to between 3 and 9.5 years in penal colony. The chairman of the board, Tatiana Yerilkina, later attempted to appeal the first instance decision and even sought to reconsider the type of punishment.

On October 8, 2025, the Leninsky District Court pronounced a verdict on two more former employees, sisters Olga and Anna Zolotov, finding them guilty of fraud. The prosecution established that they had withdrawn over 1.7 billion rubles (approximately $17 million at current rates).

At the end of November 2025, the Arbitration Court finalized the multi-year bankruptcy of VKB, as the credit organization no longer has any property or funds left for realization.