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Michael Calvey arrested on suspicion of embezzling $37.4 mln from Vostochny bank

February 16, 16:13 updated at: February 16, 16:57 UTC+3

"To uphold the motion on applying detention in custody as a measure of restraint for Calvey," the judge Artur Karpov said

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The founder of Baring Vostok investment fund Michael Calvey

The founder of Baring Vostok investment fund Michael Calvey

© Sergey Bobylev/TASS

MOSCOW, February 16. /TASS/. Moscow’s Basmanny Court arrested the founder of Baring Vostok investment fund Michael Calvey suspected of embezzling 2.5 bln rubles ($37.4 mln) from Vostochny bank on Saturday, TASS correspondent reports.

"To uphold the motion on applying detention in custody as a measure of restraint for Calvey," the judge Artur Karpov said.

According to the court ruling, Calvey will be held in custody until April 13. A charge is to be filed against him within ten days, otherwise he will be released.

The court found that Calvey has substantial resources at his disposal to abscond or interfere with witness. The court has taken into account the US citizenship of the suspect, as well as the fact that he has substantial financial resources and connections.

"Only detention in custody of suspected Calvey can promote the interests of justice," Karpov said.

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