MOSCOW, April 27 (RAPSI) – The Tverskoy District Court of Moscow has detained former president of Fundservicebank Alexander Volovnik charged with embezzlement of Roscosmos funds, RAPSI learnt in the court on Thursday.

According to media reports, Volovnik may be related to investigation into embezzlement of 47 billion rubles ($824 million) allocated to the bank by Russian space agency Roscosmos.

RIA Novosti news agency reports that Volovnik along with unidentified co-conspirators embezzled 1.3 billion rubles ($22.8 mln) from Fundservicebank through sham companies. Currently, the bank is being restructured but it will not go bankrupt.

The court ruled that the defendant may influence his former coworkers acting as witnesses in this case. Investigators claim that they also have a secret witness capable of providing help in searches for offshore companies. Volovnik has pleaded not guilty.