Spokeswoman of the Financial Crime Investigation Centre (FNTT), Modesta Zdanauskaitė, did not comment to ELTA whether Stepukonis was indeed detained. Law enforcement promised to provide more information about the investigation later on Monday.

BaltCap equity fund terminated the contract with Stepukonis in November 2023 after the fund’s financial directors discovered misconduct and contacted the Lithuanian authorities. It is thought that Stepukonis might have embezzled and gambled away money managed by BaltCap Infrastructure Fund.

BaltCap filed a EUR 16.6 million lawsuit against Stepukonis and gambling company Olympic Casino Group Baltija, and its shareholder in Estonia OB Holding 1.

The pre-trial investigation established that Stepukonis is suspected of misappropriating at least EUR 27 million.

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