February 14, 2024 3 min read


Former BaltCap Partner Arrested for €27M Misappropriation

The former managing partner with the investment fund is suspected of embezzling €27 million

Earlier this month, the European Public Prosecutor’s Office (EPPO), the independent public prosecution office of the European Union, requested the arrest of Sarunas Stepukonis, a former BaltCap Infrastructure Fund partner, over suspicion of misappropriation of €27 million ($28.9 million) from the fund. The aforementioned request for the arrest of the former BaltCap partner was confirmed on February 2, 2024.

In an update released Monday, EPPO confirmed that Stepukonis was detained on February 10, 2024. As a result, the Vilnius City District Court confirmed it will hold the suspect under arrest for two weeks until February 24, 2024. According to the EPPO, the “coercive measure will be reviewed on that date.”

The request for and subsequent arrest of the former BaltCap investment fund manager follows a pre-trial investigation. This probe alleged that the Stepukonis embezzled at least €27 million ($28.9 million). Initial media reports claimed that the former BaltCap manager used the money for online gambling activities.

Yet, it is important to note that despite the suspicion and arrest, anyone is presumed innocent until proven guilty beyond a reasonable doubt. This rule applies to individuals who are arrested under the existing Lithuanian laws.

Former partner of the BaltCap Infrastructure Fund, Mr Sarunas Stepukonis, who is suspected of having misappropriated €27 million from the fund, was detained on 10 February 2024, at our request,

reads a statement released by the European Public Prosecutor’s Office

Former Manager Allegedly Uses the Money for Online Gambling

The BaltCap Infrastructure Fund is an investment fund that focuses on different infrastructure projects within the Baltic region. The €80 million ($85.6 million) investment fund is currently supported with €20 million ($21.4 million) by the European Investment Bank.

The arrest of Stepukonis comes after back in November, BaltCap confirmed that it fired him over “financial mismanagement.” Initially, details on the matter were scarce but the Estonia-based investment fund confirmed that an investigation into the alleged misappropriation was initiated.

Recently, LRT released details regarding the shocking case. BaltCap’s managing partner, Simonas Gustainis, revealed that Stepukonis is suspected of having embezzled between €16.5 million ($17.8 million) and €30 million ($32.3 million). In light of the allegations, the EPPO announced an international search for the former BaltCap manager.

Allegations against Stepukonis claim he used the stolen money for online gambling via Olympic Casino Group Baltija. The online gambling operator’s CEO, Tomas Palevičius, previously confirmed that “the origin of the money was substantiated.”

Gustainis did not rule out that his former colleague engaged in forging documents which may explain why everything appeared to be in order with the financial check conducted by the online gambling operator. It is yet to be confirmed whether the suspect would face any charges.


Jerome is a welcome new addition to the Gambling News team, bringing years of journalistic experience within the iGaming sector. His interest in the industry begun after he graduated from college where he played in regular local poker tournaments which eventually lead to exposure towards the growing popularity of online poker and casino rooms. Jerome now puts all the knowledge he's accrued to fuel his passion for journalism, providing our team with the latest scoops online.

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