Russia's security agency has accused a deputy minister of culture and several other men of involvement in embezzling state funds allocated for the restoration of historic heritage sites.

The Federal Security Service, the main KGB successor agency known under its Russian acronym FSB, said Tuesday that the suspects allegedly embezzled more than 50 million rubles (over $700,000) earmarked for the restoration of Moscow's famed Novodevichy Monastery and other sites, according to Russian news agencies.

The FSB accused Deputy Culture Minister Grigory Pirumov of organizing the scheme in which the suspects inflated the costs of restoration works to steal public funds.

The suspects include another Culture Ministry official and heads of construction companies involved in restoration works.

The FSB said it hasn't been able yet to track down the stolen funds.