Former Head of Bulgarian Development Bank Stoyan Mavrodiev Arrested in Belgrade, Extradition Process Underway

The news that former head of the Bulgarian Development Bank (BDB), Stoian Mavrodiev, has been detained in Belgrade was confirmed by both the Minister of Interior and the Prosecutor’s Office. Mavrodiev has been wanted since 2024 on charges of embezzling 150 million leva from the Bulgarian Development Bank through the granting of an unsecured loan.

Stoyan Mavrodiev has been detained for 18 days. This is the deadline for the Bulgarian prosecution to send an extradition request with the necessary evidence to the Serbian authorities.

In Serbia, the case will be decided at two judicial levels — first by the Basic Court in Belgrade, and then by the Court of Appeal. The final decision on whether Mavrodiev will be extradited to Bulgaria lies with the Serbian Minister of Justice.

The former head of the Bulgarian Development Bank has been wanted since mid-August 2024, when it emerged that he had left the country for Greece. From there, he travelled to North Macedonia and later flew to Dubai.

In December 2024, a European Arrest Warrant was issued. Following indications of his travel back towards Europe, it was on the basis of this warrant that he was detained in Belgrade.

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

According to unofficial information, Stoyan Mavrodiev was detained in the Serbian capital yesterday. According to BNT sources, the authorities tracked booking data and established that Mavrodiev was planning to travel from Dubai to Belgrade. Serbian police services were therefore alerted in advance that his arrival in the Serbian capital was expected.

Interior Minister Ivan Demerdzhiev wrote on social media that when the state works, results follow. He added that no one is above the law, regardless of whether their surname is Mavrodiev or Mihaylov.

The Prosecutor’s Office officially stated that it has been notified of the arrest and that preparations are underway for a request to extradite him from Serbia to Bulgaria.

The only political comment came from Yes Bulgaria.

Bozhidar Bozhanov, co-chairman of "Yes, Bulgaria":

“Clearly, this is very delayed. He has been wanted since 2024. We also submitted reports while he was not yet wanted, before 2020, when he was faithful to the ‘Peevski–Borisov model’.”

photo by BTA

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

Stoyan Mavrodiev was head of the Bulgarian Development Bank from 2017 to 2020, when he was dismissed following a scandal involving a loan.

In the summer of 2024, he was formally charged in relation to the granting of another loan amounting to 150 million leva to a company linked to Rumen Gaitanski. It later emerged that 20% of the loan was immediately transferred by the recipient to another bank in order to repay a liability of “Toplofikatsiya Varna” (Varna district heating), which at the time was owned by Ahmed Dogan.

In addition to Mavrodiev, the investigation includes Rumen Gaitanski and Ivan Georgiev, the manager of the company that received the funds, as defendants.

Gaitanski was also detained but was later released on bail of 250,000 leva.

The investigation found that the loan was secured by assets owned by “Patishtroyengineering”. After repayments ceased, the Bulgarian Development Bank sold the company’s shares, but recovered only 3.6 million leva from them.

As a result, the loss for the bank is estimated at 146.6 million leva.