The General Prosecutor’s Office of Georgia has initiated criminal proceedings against Giorgi Bachiashvili, the former Head of the Co-Investment Fund, says Kurieri.

According to the existing information, he is accused of misappropriating a large amount of crypto-currency and legalizing illegal income, embezzled Bitcoin worth USD 39,215,820.

If found guilty, Bachiashvili could face a prison sentence from 9 to 12 years.

The Prosecutor’s Office will file a petition with the court within the specified legal timeframe, requesting the imposition of an appropriate restraining measure against the accused.

As the agency says, the accused carried out possession and use of appropriated assets, transfer, conversion, purchase of immovable and movable property, as well as the purchase/possession of various properties and assets through enterprise entities, and other actions, by which he legalized illegally appropriated crypto-currency and a particularly large amount of funds obtained as a result of its disposal.