Pro-Putin Russian oligarch arrested in Russia: Fraud and corruption allegations

12punto FOREIGN NEWS

Vadim Moshkovich, the founder of Russia's leading agricultural company Rusagro, has been arrested over fraud allegations. Moshkovich, who is also accused of corruption, was tried at the Meshchansky Court in Moscow. The court decided that the businessman should remain in custody for two months.

Moshkovich, who was seen in a glass cage in the courtroom, appeared at the hearing with a book and a water bottle in his hand. Moshkovich, who is among the richest people in Russia with a fortune estimated by Forbes magazine at 2.7 billion dollars, denied the accusations.

Rusagro officials confirmed that the FSB and anti-corruption teams searched the company's offices. The statement from the company included the phrase, 'Our operations continue uninterrupted.' However, the shares have lost more than 30 percent of their value in the last two days.

According to Reuters, the court rejected the request for house arrest made by Moshkovich's lawyers. The businessman is facing charges of large-scale fraud. If convicted, he could face up to 10 years in prison.

The EU imposed sanctions on Moshkovich in 2022 following the invasion of Ukraine. It is known that the Russian businessman holds both Russian and Cypriot passports. Moshkovich, who moved his company headquarters to Russia last year, faced the risk of being declared a 'foreign agent.'

This arrest has been recorded as one of the most significant judicial cases in the Russian business world in recent years. Previously, businessmen such as Magomedov and Yevtushenkov were also seen to have gone through similar processes.

News Source: 12punto