The trial of Giorgi Bachiashvili, accused of embezzling cryptocurrency belonging to Bidzina Ivanishvili, former head of the Co-Investment Fund and founder of Georgian Dream, is underway.

The prosecutor’s office requested to replace Bachiashvili’s bail with imprisonment, citing his illegal departure from the country in violation of a court order prohibiting him from leaving Georgia. Previously, Bachiashvili had been granted bail of 2.5 million GEL as a preventive measure.

The defense argued that Bachiashvili’s recent pretrial detention for illegal border crossing made additional imprisonment unnecessary. However, Judge Giorgi Gelashvili upheld the prosecution’s motion, stating that Bachiashvili violated bail conditions, warranting a stricter preventive measure.

The charges stem from a 2017 incident. According to the prosecutor’s office, Bachiashvili transferred only $536,900 to the investor from the investment’s full profit, allegedly misappropriating 8,986 Bitcoins valued at approximately $43 million at the time. Bachiashvili denies the charges, which carry a sentence of nine to 12 years in prison.