MOSCOW, February 29 (RAPSI) – Moscow’s Lefortovsky District Court has ordered the detention of former director of the department for natural resources and construction of state-run Vnesheconombank (VEB), who stands charged with large scale fraud, the court’s spokesperson Yekaterina Krasnova told RAPSI on Monday.

Ilgiz Valitov will remain in jail until April 25. His defense will appeal the ruling.

He could face up to 10 years in prison if convicted. 

Valitov earlier worked as the Manager of the office, then the Vice President of VTB Bank and was member of the Board of Directors of KAMAZ Company. From 2007 to 2010 he held the position of Director of the Department of regional development of State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank). From 2010 to 2011 he worked as the head of the Corporation’s Department of natural resources. He also held a position of Chairman of the Board of Directors of LLC “VEB project Management”.