MOSCOW, June 3 (RAPSI) – The board chairman and main owner of the MIEL Group Grigoriy Kulikov, charged in Russia with large scale fraud, has been arrested in Latvia by request of the Russian General Prosecutor’s Office, Vedomosti newspaper reported on Friday.

Kulikov faces extradition to Russia.

According to Vedomosti, Russian investigators allege that Kulikov is responsible for large scale embezzlement of funds from the investors of elite settlement “Barvikha-Village”. The cost of the settlement, according to MIEL Group, is estimated at 4.17 billion rubles ($63.1 million). Main investigative Directorate of Moscow police charged Kulikov in absentia. Later Kulikov was arrested in absentia.

Newspaper’s source said that Kulikov is charged with embezzling over 85 million rubles ($1.28 million) from several people and legal entities in 2007-2008. In November 2014 Kulikov was put on the Federal wanted list; in September 2015 he was put on the Interpol international wanted list.

Representative of the General Prosecutor’s Office told Vedomosti that in December Interpol cell in Latvia found Kulikov and shared the information with Russian authorities. In January the General Prosecutor’s Office filed an extradition request.

Representatives of the MIEL Group claim that Kulikov is a victim of unfair competition, and that he used money from investors only for business purposes.