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Court extends arrest of Russian tycoon Polonsky accused of gross real estate fraud

August 08, 2016, 18:12 UTC+3 MOSCOW

Ex-Head of Mirax Group is charged with two episodes of embezzling a total of $40 million

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MOSCOW, August 8. /TASS/. Moscow’s Presnensky Court has extended until October 21 the arrest of businessman Sergei Polonsky accused of large-scale fraud, a TASS correspondent reports from the court.

"The court has resolved to grant the investigation’s petition and extend the arrest of Polonsky until October 21," judge Tatiana Vasyuchenko read out the court’s ruling.

At the same time, Moscow’s Presnensky Court has returned the Polonsky fraud case to the prosecutor’s office.

"The court has resolved to return the case to the prosecutor’s office to eliminate some violations," judge Vasyuchenko read out.

Ex-Head of Mirax Group is charged with two episodes of embezzling a total of 2.6 billion ($40 million) from participants in shared-equity construction of multi-apartment buildings in the luxury residential compounds called Kutuzov Mile and Rublyovo Rivera in west Moscow.

Head of the Mirax Group financial department Alexander Paperno and CEO of Avanta LLC Alexander Pronyakin will also go on trial as the persons complicit in the fraud.

According to investigators, the other suspects in the fraud committed in 2008-2009 include members of the Mirax Group board of directors Alexei Adikayev, Dmitry Lutsenko and Maxim Temnikov. They were put on the international wanted list.

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