MOSCOW, August 14 (RAPSI) - The Moscow City Court Presidium has granted a petition filed by the Prosecutor General’s Office on changing a pre-trial restrictive measure from detention to house arrest for Russian billionaire Gleb Fetisov suspected of embezzling more than 6 billion rubles (about $94 million) from a bank he owned, a RAPSI correspondent reports from courtroom.

Earlier, the Russian Supreme Court filed a petition of the Prosecutor General’s Office and cassational appeals by lawyers with the Moscow City Court. In its petition, the supervisory body stated that there are no more grounds for keeping Fetisov in detention as the investigation is finished and the damages have been compensated.

Under the Moscow City Court ruling, Fetisov has been in detention since August 22. He already reviewed the case materials.

In late February 2014, Fetisov, who is ranked by Forbes as one of Russia’s richest men with a personal wealth of $1.4 billion, was arrested for embezzling funds from My Bank, which he owned, and for failing to honor 6.5 billion rubles worth of commitments to the bank’s clients.

In November 2013, Fetisov decided to sell his 90 percent stake in the bank.

The Central Bank of Russia revoked My Bank’s license in January 2014 for failing to honor its credit obligations and false reporting. The Central Bank also filed a request with the Investigative Committee for an inquiry into the business activities of Fetisov and a number of former managers at the bank.

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

The investigation has been completed. Fetisov pleaded not guilty. However, he paid the Deposit Insurance Agency over 14 billion rubles ($219 million). He claims that is enough to repay the debts to the bank’s clients.