Gazprombank in Zurich is said to have managed assets worth millions in the name of a friend of Russian President Vladimir Putin.

The former head of Gazprombank Schweiz AG, based in Zurich, and three employees have had to answer to the local district court since Wednesday. They are accused of lack of diligence in financial transactions. The indictment suggests that the money may have belonged to Putin himself.

The four defendants have denied the allegations.

Roldugin is godfather to Putin's daughter

It is known that the Russian President, with an official income of only around 100,000 euros a year, still has large assets that are managed by people close to him, according to the indictment. It's about 50 million francs - the equivalent of about 50.3 million euros - and accounts in the period 2014 to 2016.

It should have been clear to the bankers that the alleged "beneficial owner", the cellist and conductor Sergej Roldugin, was a straw man, the prosecution continues. It was known that Roldugin was a friend of Putin and godfather of his daughter.

The bankers should have made inquiries to verify that the money actually belonged to Roldugin. This was not plausible in view of his financial circumstances, which were also publicly known at the time.