MOSCOW, June 14 (RAPSI) – The Moscow Commercial Court has declared founder of one of the largest federal chains of real estate agencies in Russia MIEL Group, Grigoriy Kulikov, who stands charged with multi-million embezzlement, bankrupt, RIA Novosti reported on Tuesday.

Bankruptcy procedure has been initiated against Kulikov as an individual entrepreneur. Later all assets belonging to the businessman must be sold out and the raised funds should be returned to creditors.

In early June, Kulikov was arrested in Latvia by request of the Russian General Prosecutor’s Office. He faces extradition to Russia.

Russian investigators allege that Kulikov is responsible for large scale embezzlement of funds from the investors of elite settlement “Barvikha-Village”. The cost of the settlement, according to MIEL Group, is estimated at 4.17 billion rubles ($64.4 million). Main investigative Directorate of Moscow police charged Kulikov in absentia. Later Kulikov was arrested in absentia.

According to Vedomosti newspaper, Kulikov is charged with embezzling over 85 million rubles ($1.3 million) from several people and legal entities in 2007-2008. In November 2014, Kulikov was put on the Federal wanted list; in September 2015 he was put on the Interpol international wanted list.