Moldovan Oligarch Jailed in $1bn ‘Theft of the Century’ Case

Vlad Plahotniuc, once Moldova’s wealthiest individual, has received a 19-year prison sentence for his role in a banking fraud scheme dubbed the “theft of the century.” The case, which spanned 2014-15, involved siphoning off $1bn—equivalent to 12% of Moldova’s total GDP—at the time. Plahotniuc is accused of personally benefiting from over $40m of the illicit funds and was ordered to compensate the state with approximately $60m in damages.

Although Plahotniuc denies any wrongdoing, he was absent during the court proceedings. His legal team has stated that they intend to challenge the verdict. Reuters reported that prosecutors presented evidence suggesting the funds were used for private purposes, including the purchase of an Embraer Legacy 650 jet, property acquisitions, and expenditures on legal, medical, and travel services. Additionally, the money was funneled into business ventures.

“The prosecutor’s office argued that Plahotniuc leveraged his influence across public, political, financial, and criminal sectors to orchestrate a network aimed at securing unlawful advantages,” stated the report.

The fraud began with $1bn in loans rapidly transferred within two days to a series of companies registered in the UK and Hong Kong, whose owners were not disclosed. To prevent a collapse, the government intervened, covering the banks’ losses and creating a public finance deficit equal to 1/8 of Moldova’s GDP. Subsequent investigations revealed that significant portions of the funds had been channeled into entities linked to pro-Russian oligarch Ilan Shor.

Plahotniuc was not initially implicated in the scheme. However, by 2019, he faced corruption charges and fled the country after his Democratic Party lost power. He remained on the run for six years before being apprehended in July 2025 while attempting to board a flight to Dubai. He was subsequently extradited back to Moldova. Prosecutors allege that Plahotniuc helped Shor gain control of commercial banks, enabling the fraud.

Shor, currently based in Moscow, has recently been accused of orchestrating a pro-Russian campaign to influence elections through financial means. Plahotniuc, meanwhile, is involved in multiple ongoing legal cases but insists his actions were not criminal. His lawyers claim the charges are politically driven, aiming to target him for his influence in the country’s affairs.