MOSCOW, September 3 (RAPSI) - Moscow's Tverskoy District Court has ordered the detention of the CEO of a company suspected of having embezzled more than 50 million rubles ($1,5 million) from the Olympic development funds, the Interior Ministry reports on Tuesday.

Olympstroy, the official Sochi Olympics developer entered into a 400 million ($12 million) ruble contract with an engineering firm called Techprom. The contract stipulated that Techprom would develop a building roster for various objects to be used in the Sochi Winter Olympics in 2014. The investigators say that Techprom's CEO, a Mr. Matveyev, filed a fictitious report with Olympstroy on the completion of the contract in full. This resulted in 53 million rubles being transferred to Techprom accounts, which he later allegedly embezzled.

Matveyev attempted to flee justice, but was put on a wanted list and was later apprehended as he tried to leave Russian Federation, Interior Ministry reports.

The investigators plan to charge him with large-scale fraud, conspiracy to commit fraud, and abuse of power. If found guilty he will face up to 10 years in prison.