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Russian Billionaire Detained On Suspicion Of Embezzlement

Russian billionaire Ziyavudin Magomedov (file photo)
Russian billionaire Ziyavudin Magomedov (file photo)

Russian authorities say a billionaire businessman and two of his partners have been detained on suspicion of embezzling a large amount of state funds.

The Interior Ministry said in a March 31 statement that Ziyavudin Magomedov, co-owner of the Russian investment group Summa, was detained along with two partners, including his brother, Magomed Magomedov.

The three suspects on March 31 were taken to Moscow's Tverskoi district court, where a judge was expected to rule on whether to place them under formal arrest.

The alleged crime involves the theft of more than 115 million rubles ($2 million) and a total of 12 suspects, the Interior Ministry said.

It added that the criminal case was opened in connection with fraud, money laundering, and involvement in a criminal organization.

Forbes magazine listed Ziyavudin Magomedov's fortune at $1.25 billion as of March 31.

The U.S. Treasury Department in January listed him as one of 96 "oligarchs" close to President Vladimir Putin.

With reporting by Reuters and Interfax