The owner of Serbia’s Alta Bank, Davor Macura, is facing allegations that he withdrew millions of euros from the bank and allegedly ordered counterfeit €500 banknotes from a private printing company to conceal a shortage in the bank’s vaults.
According to an investigation published by Serbian outlet Radar, Macura allegedly learned earlier this year that the National Bank of Serbia (NBS) could inspect the actual amount of cash held in the bank’s vaults. Fearing that the inspection would expose the missing funds, he allegedly arranged for counterfeit €500 notes to be printed to make up the difference.
The report, citing an unnamed source, claims that Macura and several close associates mixed the fake banknotes with genuine currency. Real notes were allegedly placed at the top and bottom of the bundles, while counterfeit money was hidden in between.
However, Serbia’s Prosecutor’s Office for Organised Crime (JTOK) told Radar that investigators have not so far established that counterfeit banknotes were present in Alta Bank’s vaults.
“The search of the vault was conducted to compare the actual cash holdings with the amounts recorded in Alta Bank’s documentation,” the prosecution said, adding that further checks would be carried out if suspicions of counterfeit money emerged during the investigation.
Prosecutors also confirmed that they are examining whether the NBS inspected the bank’s vaults earlier this year, as well as allegations that part of the money collected through Macura’s exchange-office company, Alta Pay, was never deposited into the bank. The central bank has not responded to Radar’s questions about the alleged inspection.
Cash holdings increased almost fivefold
According to financial statements cited by Radar, Alta Bank reported holding 53.8 billion dinars (approximately €460 million) in cash on December 31, 2025. This included 38.9 billion dinars in domestic currency and 14.9 billion dinars in foreign currencies.
At the end of 2022, the bank had reported only 11.2 billion dinars in cash, equivalent to approximately €95 million.
By September 30, 2026, just one month before the NBS revoked its operating licence, the bank reported 88.4 billion dinars (around €750 million) under the category of cash and funds held with the central bank.
Meanwhile, its investments in securities amounted to just over €20 million, according to the same financial data.
Alleged €370 million missing from exchange offices
The investigation order, first reported by KRIK, alleges that approximately €370 million collected through Alta Pay exchange offices never reached the bank’s central vaults and was instead retained by Macura.
According to the document, the money was recorded as having been deposited into the central vault through payment orders, despite allegedly never physically entering the bank.
Investigators also suspect that Macura, with the assistance of several employees, withdrew an additional €17 million in cash from the vault without leaving a written record.
KRIK reports that investigators intend to question National Bank of Serbia Governor Jorgovanka Tabaković and Darko Stamenković, head of the central bank’s Banking Supervision Department, as witnesses.
Members of Alta Bank’s Management and Executive Boards, as well as employees working in the central vault, are also expected to be questioned.
All members of both boards were dismissed on November 3. Six days later, Ljubica Pantelić, director of Serbia’s Deposit Insurance Agency, was appointed as the legal representative of Alta Bank, which is now undergoing bankruptcy proceedings.
