Russian Billionaire Arrested over Bank Fraud

Russian billionaire environmentalist Gleb Fetisov, who owned a bank that lost its license last month, has been detained in Moscow on suspicion of grand fraud. Investigative Committee spokesman Vladimir Markin said Friday that his agency requested the arrest of former senator Fetisov, who was listed as Russia’s 55th wealthiest businessmen in a Forbes rich list last year. Markin said Fetisov was suspected of siphoning out more than 6 billion rubles ($1.7 billion) from Moi Bank’s coffers and failing to pay off insurance compensation to clients following the bank’s closure. A criminal investigation has been launched against Fetisov and his suspected accomplices in connection with the alleged large-scale embezzlement, the spokesman said. Markin added that investigators were looking into Fetisov’s possible involvement in similar criminal activities.

http://en.ria.ru/russia/20140228/187966327/Russian-Green-Tycoon-Detained-Suspected-of-Bank-Fraud.html