MOSCOW, December 17 (RAPSI) – The Moscow City Court has ruled on Wednesday to keep in detention billionaire Gleb Fetisov, who stands charged with embezzling more than 6 billion rubles ($98 million) from a bank he owned, RAPSI reports from the courtroom.

Fetisov will remain in detention until February 22.

Fetisov controlled Moi Bank through FFF Holding B.V. In November 2013, he decided to sell his 90 percent stake in the bank.

The Russian Central Bank revoked the license of Moi Bank last January and reportedly filed a request with the Investigative Committee asking to examine business activities of Fetisov and a number of former managers of the bank.

The request of the Central Bank mentioned loan agreements that Moi Bank had signed over the past three years with apparent dummy companies, as well as potentially irretrievable investments in assets and securities.

Fetisov was arrested on February 28 and placed in detention.