Baring Vostok fund founder detained in Russia on fraud allegations

Michael Calvey, the founder and senior partner at the Baring Vostok equity funds group, has been detained in Moscow on suspicion of fraud, the spokeswoman for Moscow's Basmanny court Yunona Tsaryova told Reuters on Friday. Tsaryova said Calvey, who is a U.S. citizen, was detained on Thursday. Basmanny court will rule later on Friday on whether to hold Calvey in custody, Interfax news agency said. There was no immediate comment from Baring Vostok.