Former Bulgarian Development Bank Chief Stoyan Mavrodiev extradited from Serbia

Former Bulgarian Development Bank (BDB) CEO Stoyan Mavrodiev has been extradited to Bulgaria from Serbia. Belgrade approved his extradition last week.

At the Kalotina border checkpoint, Mavrodiev was handed over by the Serbian authorities to their Bulgarian counterparts.

Mavrodiev has been detained for up to 72 hours. The investigation is ongoing under the supervision of the Sofia City Prosecutor's Office.

Former Bulgarian Development Bank CEO was detained in Belgrade about two weeks ago. Prior to his arrest in Serbia, Mavrodiev had reportedly been staying in the United Arab Emirates, sources told NOVA.

Mavrodiev is under investigation over a BGN 150 million loan granted to companies owned by or linked to businessman Rumen Gaitanski, widely known by the nickname “The Wolf.”

The case also involves Ivan Georgiev, a representative of the company that received the funds. He has been charged in the investigation and is currently free on bail of BGN 50,000. Gaitanski was also released from custody after posting bail of BGN 250,000. At the time, the court stated that allegations of embezzlement had not yet been sufficiently substantiated.

Prosecutors have charged Mavrodiev with official embezzlement. His whereabouts had been unknown since August 22, 2024.

The case concerns a BGN 150 million loan granted by the Bulgarian Development Bank (BDB) to companies owned by or linked to businessman Rumen Gaitanski. According to the prosecution, Gaitanski deliberately persuaded Mavrodiev, in his capacity as BDB chief executive, to commit a criminal offense. Investigators allege that part of the loan was used to pay dividends to Gaitanski, while another portion was allegedly transferred through Kristalna Voda to settle debts owed by Varna Thermal Power Plant (TPP Varna), a company frequently associated with Ahmed Dogan.