MOSCOW, March 16 - RAPSI. The police have detained and arrested Artyom Sisakyan, who is accused of illegal banking activity and illegally cashing $2.38 billion.

According to the source, Sisakyan is also involved in another case as one of five gang members.

It was earlier reported that the police prevented the activity of an organized group that had been conducting illegal banking operations for individuals and legal entities in violation of legislation and without permission since early 2010.

The criminals used the Moscow bank accounts of various commercial organizations. The firms actually carried out no financial activity and were fraudulently registered.

A preliminary analysis of the documents withdrawn during an investigation into one of the banks concerned - Fundservicebank - demonstrated that the minimum turnover of each of the 50 firms was 1 billion rubles ($34.02 million).