LONDON (CNNfn) - Embattled Russian president Boris Yeltsin has become embroiled in the wave of financial scandals and allegations sweeping the country, according to a report published Friday.
Yeltsin and his two daughters are alleged to have used the Swiss engineering and construction group Mabetex as a "personal bank" on overseas trips, according to London's Financial Times.
Mabetex is the main contractor on rebuilding work at the Kremlin, Yeltsin's official residence in Moscow.
Kremlin officials were quick to deny the allegation, stating that Yeltsin and his family "have never opened accounts at foreign banks".
The allegations have emerged in the wake of the expanding investigation by U.S. and British authorities into the alleged laundering of $10 billion by Russian organized crime gangs using Bank of New York accounts.
The allegations against Yeltsin and his family surfaced following raids on Mabetex offices which uncovered credit card slips signed by "B. N. Eltsin", "E.B. Okulova" and "T.B. Djacenko". Yeltsin's daughters are Elenea Okulova and Tatyana Dyachenko.
The Yeltsin family has been surrounded by allegations of cronyism as the president seeks to hold onto power ahead of next year's presidential election.