US businessman arrested in Russia on fraud charges, accused of embezzling $37M A U.S. private equity founder has been arrested in Russia on suspicion of fraud, a Moscow court said Friday.
Michael Calvey, one of the most prominent American business executives in Russia, was among five people detained in relation to the alleged embezzlement of $37.5 million.
Calvey's private equity firm, Baring Vostok Capital Partners, said the arrest is the result of a commercial dispute related to Russia's third-largest retail bank, Vostochny, in which the firm holds a stake.
A Moscow court is expected to rule on the arrest later Friday.
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The punishment for fraud in Russia can be up to 10 years in prison.
Calvey, a U.S. citizen who grew up in Oklahoma, founded Baring Vostok in Moscow in 1994. The company claims it has invested $2.8 billion from North American pension funds and others into companies in Russia and across the former Soviet Union.
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Calvey is the third Westerner to be targeted by Moscow in the past few months. Last week, a Russian regional court sentenced a Danish Jehovah's Witness to six years in prison after being found guilty of extremism.
US businessman arrested in Russia on fraud charges, accused of embezzling $37M
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