MOSCOW, April 29 (RAPSI) - The Babushkinsky District Court in Moscow has extended until May 31 the detention of the security chief of the Royal Bank of Scotland's Russian unit, the court told RAPSI on Monday.

Vsevolod Glukhovtsev has been accused of fraud and is suspected of embezzling over 300 million rubles ($10 million).

"The court has upheld the investigators' request to extend Glukhovtsev's detention in custody for one month," the court spokesperson said.

The police believe that he expropriated people's money by cheating them into believing that they were investing in property and construction projects in Montenegro. Six victims have been identified at this stage.

To implement his schemes, Glukhovtsev is alleged to have introduced himself as an influential banker, the co-owner of a lending institution, a major financier, the co-owner of numerous casinos in Montenegro, the owner of a hotel chain on the Adriatic coast, an expert in property investment for Russians, and an author.

The victims are believed to have transferred the money to accounts belonging to Montenegrin firms controlled by Glukhovtsev, who embezzled the funds. His "clients" received fake reports that they owned businesses or property outside of Russia. According to the police, his investors never received dividends, while the assets that they thought they owned were nonexistent or assigned to third parties.