MOSCOW, July 8 (RAPSI) – The Moscow City Court’s arguments that owner of Optima Development construction company Albert Khudoyan charged with 2-billion-ruble embezzlement (over $31 million) can abscond from investigators has little force, according to business ombudsman Boris Titov.

On Monday, the court rescinded house arrest of Khudoyan and placed him in detention until August 14.

The restrictive measure was changed on the prosecutors’ motion. The court held that the accused can flee abroad despite the fact he gave his foreign passport to investigators, Titov stated.

Khudoyan stands charged with embezzling several land plots from one company. Investigators have estimated damage allegedly caused by the defendant at 2 billion rubles. The businessman pleads not guilty and says the case against him is hostile takeover of his development company.

Optima Development has been engaged in the construction of commercial and residential projects since 2007, the company’s website reads.