The Prosecutor General's Office of Georgia on Friday said it had indicted five individuals in connection with a large-scale embezzlement scheme targeting citizens' funds.

An investigation conducted by the Ministry of Internal Affairs established that the defendants formed an organised group and founded Deluxe Development LLC and Demax Gotua LLC over different years, the body said. 

These companies, according to PoG, were purportedly created for the construction of multi-apartment residential buildings. The group promised to complete the buildings and transfer ownership to the buyers, who subsequently deposited substantial sums into the companies' bank accounts. However, the defendants failed to deliver on their promises, neither completing the construction nor transferring the properties. Through this criminal scheme, the group embezzled a total of 10,108,695 GEL from 111 citizens.

The charges filed against three suspects carry a potential prison sentence of 7 to 10 years. Two additional suspects have been charged in absentia, and efforts are ongoing to locate and arrest them, PoG noted.