After being on the run from law since March 2008 following an arrest warrant issued for him in Serbia where he's charged with embezzlement and fraud in regards to transfers of OFK Beograd players, Terzić turned himself in to Serbian authorities on 11 November 2010.
In 2014, despite facing trial for fraud and embezzlement, Terzić was appointed general manager of the Red Star Belgrade football club.
Many youth players, some of whom—such as Bane Ivanović, Aleksandar Kolarov, Duško Tošić, and Slobodan Rajković—would go on to illustrious footballing careers, came up through the club during Terzić's tenure at OFK.
Once he had the players under contract at OFK, Terzić would allegedly make sure they get enough exposure through the u-21 national team in order to sell them to richer European clubs in exchange for significant transfer fee amounts.
In late January 2008, at the height of the controversy and public scandal that erupted in Serbia as a result of the Insajder series, Terzić—who happened to be in Zagreb for the annual UEFA Congress—never returned to the country.
Instead, in phone interviews with Serbian press, he claimed to be in the United States "attending a professional development course at Northcentral University in Prescott Valley, Arizona" while promising to be back in Serbia by February 27.
[10] As the date neared, rather than showing up in Serbia as originally announced, Terzić now claimed in another phone interview that he would extend his stay abroad by ten days due to having to "stop off in London to take care of a shoulder injury he had picked up skiing in early February 2008 during a vacation in France".
Throughout the period between spring 2008 and fall 2010, multiple instances of Terzić being spotted out and about in towns along the Montenegrin coast, mostly Budva and Bečići, were reported.
[13] Years later, in a 2019 interview, by-then-reinstated-in-Serbian-football Red Star Belgrade general manager Terzić talked about selective details from the 2008-2010 period, claiming to have gotten a phone call from a confidante in Serbia on 31 January 2008 while he was in Zagreb for the UEFA Congress, apparently telling him "don't return, they're preparing your arrest".
[15] Citing "specific circumstances I find myself in", Terzić resigned his post as the Serbian FA president from an unknown location on 12 March 2008 via a short letter.
[24] Shortly after the arrest, however, Montenegrin police issued a press release claiming that the apprehension was a case of mistaken identity and that the man taken in was not Zvezdan Terzić.
[26] Other press outlets, as well as the Movement for Changes (PZP) opposition political party led by Nebojša Medojević, claimed that fugitive Terzić is living in Montenegro under an assumed identity of "Veselin Janjušević".
After more than two years of building its case, on 7 July 2010, the Higher Public Prosecutor's Office in Belgrade submitted an indictment against Terzić and three other individuals (OFK Beograd officials Milovan Nikodinović and Vladimir Bulatović as well as player-agent Dražen Podunavac) over the misappropriation of funds during transfers of Vanja Grubač, Stefan Stošić, Branislav Ivanović, and Srđan Stanić.
[37] Over the following years, court dates were held sporadically and often postponed for reasons ranging from the accused not feeling well to the unavailability of the individuals summoned to provide expert testimony.
[40] The first court date before the new judge was eventually scheduled for November 2021, however, Terzić failed to show again with his lawyer Sonja Manojlović claiming he had fallen ill with a fever.