Investor from the United States, arrested in Russia for fraud, planted for two months

Michael Calvey suspected of particularly large-scale fraud.

Moscow's Basmanny court granted the request of the investigation about electing Michael Calvey preventive measure in the form of detention, reports TASS. The founder of the investment fund Baring Vostok is suspected of embezzling billions of rubles from 2,5, writes Tjournal.

Calvi sent to detention until 13 April, reports agency "Moscow". The defense asked to leave him under house arrest and pledge 5 million rubles, but the investigators insisted that the suspect has significant funds, he often travels outside the Russian Federation and may flee. The court has satisfied the requirements of the prosecution in full.

In court, Calvi stated that the reason for the commencement of the case was a corporate conflict with a member of the board of directors of Vostochny Bank Sherzod Yusupov, who declared that money had been stolen. According to Calvi, the transaction between Vostochny Bank and NAO PKB was legal, and the value of the shares was estimated correctly.

“There was an error in the old company charter that limited the rights of shareholders. Once the error is corrected, it is no longer possible to assert restrictions and undervaluation of shares. The company’s income was about 100 million rubles a year, and such a company simply cannot be worth the 600 thousand rubles claimed by the investigation,” said Michael Calvey.

The investigation believes that Calvi, having sold the Vostochny Bank the First Collection Bureau with a debt of 2,5 billion rubles, actually stole these funds, and the real value of the company's shares was only 600 thousand rubles. Yusupov appealed to the FSB - after his statement and a criminal case was opened.

Other persons involved in the case are Ivan Zyuzin, Director of Investments at Baring Vostok, Alexey Kordichev, Advisor to the Chairman of the Board of PJSC Norvik Bank, Maxim Vladimirov, Director General of PKB NAP, Philip Delpal, Director of Finance Department at Baring Vostok Capital Partners, an independent private investment firm and Partner Varing Vostok Vahan Abgaryan - also pass under part 4 of the article 159 of the Criminal Code of the Russian Federation (“Fraud on a large scale”). The Basmanny Court also arrested them until April 13.

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