US investor Michail Calvey arrested in Moscow

US investor Michail Calvey arrested in Moscow
Photo: RIA Novosti

There are six defendants in the fraud case.

The Basmanny Court of Moscow has placed the founder of Baring Vostok Michail Calvey under arrest. He will remain in custody at least until April 13, 2019. Calvey is charged with fraudulently stealing 2.5 billion rubles ($37.7 million) from a Russian businessman.

A total of six people have been detained as part of the investigation. A criminal case under Swindling Committed by a Group of Persons on an Especially Large Scale has been initiated. According to the investigation, in 2017, Calvey persuaded the minority shareholder of Vostochny Bank, Sherzod Yusupov, to accept shares of the company International Financial Technology Group S.C.A. from Pervoe Kollektorskoe Byuro (the First Collection Bureau) to pay off debts. At the same time, Calvey greatly overestimated the value of shares – from 600 thousand rubles to 3 billion rubles (from $9,000 to $45.2 million). 

The investor does not admit guilt and insists that the value of the shares was not overstated. The American told the court that the true reason for Sherzod Yusupov's claim against him lies in a corporate conflict.

Tags: Courts


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