Former Bulgarian Development Bank Chief Stoyan Mavrodiev Detained in Belgrade, His Extradition Is Being Prepared

Former chief executive of the state-owned Bulgarian Development Bank (BDB), Stoyan Mavrodiev, has been detained in Belgrade, Bulgarian National Television (BNT) has learned. His identity was confirmed through an exchange of information between the Bulgarian and Serbian authorities.

The Sofia City Prosecutor’s Office confirmed that it had been notified of the case by the Ministry of Interior’s Directorate for International Operational Cooperation. The necessary legal steps have been initiated to transfer Mavrodiev to the competent Bulgarian authorities so that criminal proceedings against him can continue.

To this end, the supervising prosecutors will submit a proposal to the acting Prosecutor General requesting that formal extradition proceedings be initiated.

Prosecutor's Office requested permission to issue European Arrest Warrant for former BDB Executive Director Stoyan Mavrodiev

Mavrodiev was placed on Bulgaria’s national wanted list in 2024, and a European Arrest Warrant was subsequently issued for his arrest.

He is charged with large-scale embezzlement in connection with a loan of nearly 150 million leva granted by the Bulgarian Development Bank to a company linked to businessman Rumen Gaitanski, known as “The Wolf”.

According to investigators, 20% of the loan — approximately 30 million leva — was immediately used to repay a separate loan or credit facility owed by Varna Thermal Power Plant (TPP Varna) to another bank. At the time, TPP Varna was owned by Ahmed Dogan.

It emerged in August 2024 that Mavrodiev was in Greece. However, information later indicated that on 16 August he had left Greece and travelled to North Macedonia.

Reservation records show that Mavrodiev subsequently flew to the United Arab Emirates before travelling by air once again to Serbia.

According to information available to BNT, it was on the basis of these travel records that the Bulgarian authorities alerted their Serbian counterparts that Mavrodiev was expected to arrive in the Serbian capital.

Commenting on the arrest, Bulgaria's Minister of Interior, Ivan Demerdzhiev, wrote on Facebook:

“When the state functions properly, results follow. There will be no people above the law. Regardless of whether their surname is Mavrodiev or Mihaylov, the law is the same for everyone and is now being applied.”

All documentation required for the extradition request has already been prepared and must be submitted to the Serbian authorities within an 18-day period.

How the judicial proceedings in Serbia will unfold, however, remains to be seen in the coming months — and possibly years.