MOSCOW, May 14 (RAPSI) – The Moscow City Court on Thursday refused to release billionaire Gleb Fetisov, who stands charged with embezzling more than 6 billion rubles (over $121 million) from a bank he owned, on 50-million rubles ($ 1 million) bail, RAPSI reported from the courtroom.

The court extended Fetisov’s detention until August 22.

Investigators asked the court to extend the detention of Fetisov for four months. The court therefore granted the motion in part.

Fetisov asked to release him on bail or place him under house arrest.

Fetisov, who used to be the country's 55th richest person in the Forbes magazine ranking, was accused of embezzling funds from Moi Bank and arrested in late February 2014.

The Central Bank claimed that Moi Bank failed to honor its credit obligations and revoked its license in January 2014.

The Central Bank also 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, who pleaded not guilty, has paid the Deposit Insurance Agency over 14 billion rubles (about $283 million). He claims this is enough to repay the debts to the bank’s clients.