MOSCOW, October 18 (RAPSI) – The Moscow City Court on Friday has rejected the appeal against the extension of arrest for Vsevolod Glukhovtsev, a vice president and head of security at the Royal Bank of Scotland's Russian subsidiary, who is accused of fraud, RAPSI reports from the courtroom.

The defense filed a motion to release Glukhovtsev on bail or to put him under house arrest or restriction notice, noting that there were no active involvement in the investigation for almost six months.

Glukhovtsev was arrested in April on suspicion of embezzling over 300 million rubles (around $10 million).

The police believe that he duped people into investing in fictional real estate and construction assets in Montenegro. The police allege that Glukhovtsev introduced himself as an influential banker who co-owned numerous casinos in Montenegro and a hotel chain on the Adriatic coast, and an expert in property investment for Russians.