Russia detains US national on suspicion of fraud

Russian prosecutors in court on Friday accused the U.S. founder of Baring Vostok private equity group and other detainees of embezzling 2.5 billion roubles ($37.5 million). Michael Calvey, a U.S. citizen, was detained in Moscow on Thursday on suspicion of fraud, the spokeswoman for Moscow's Basmanny court had said earlier on Friday.

At Friday's court hearing, prosecutors accused Baring Vostok executives of persuading the shareholders of Vostochny Bank to approve a share deal at an unrealistic price.