Millions of dollars linked to Magnitsky fraud case leave Switzerland

Published on April 18, 2026

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A Russian citizen who held funds in Switzerland linked to a global tax fraud case wired at least CHF6 million from his UBS accounts. Our investigation shows a recent Swiss Federal Court ruling could have led to the confiscation of some of those funds. On February 12, Denis Katsyv, a Russian citizen tied to a major case of tax fraud against the Russian Treasury, withdrew funds he held at Swiss bank UBS and transferred most of these to banks in Israel and Armenia. In total, he wired some CHF5.5 million ($7.6 million) to his personal accounts abroad. Another roughly CHF500,000 were transferred to a Swiss business account. It’s unclear if this money is still in Switzerland. The assets Katsyv held in personal and business bank accounts at UBS and Edmond de Rothchild Bank had been frozen during Switzerland’s investigation of the Magnitsky tax fraud case, of which Katsyv was a beneficiary. At the time they held a combined $8.2 million. A 2021 decision by the Swiss Office of the Attorney ... Full story here Are you the author?

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SWI swissinfo.ch – the international service of the Swiss Broadcasting Corporation (SBC). Since 1999, swissinfo.ch has fulfilled the federal government’s mandate to distribute information about Switzerland internationally, supplementing the online offerings of the radio and television stations of the SBC. Today, the international service is directed above all at an international audience interested in Switzerland, as well as at Swiss citizens living abroad.

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