Farming Tycoon Vadim Moshkovich Detained Amid Fraud Allegations

Vadim Moshkovich, a prominent Russian farming billionaire, was placed in pre-trial detention on fraud charges, marking a significant crackdown on Russian businessmen. His company, Rusagro, saw its market capitalization plummet. This follows a dispute with a major supplier, and Moshkovich's past involvement with sanctioned Russian entities.

Russian prosecutors on Thursday called for the detention of billionaire Vadim Moshkovich, founder of Rusagro, on charges of large-scale fraud. This marks one of the highest-profile arrests of a Russian businessman in recent years.

The arrest of Moshkovich, 57, has spurred a dramatic sell-off in Rusagro's market shares, which dropped by over 30% in two days following the news. The mogul stands accused of large-scale financial misconduct linked to Rusagro's acquisition of a key supplier in 2018.

Moshkovich, listed by Forbes as Russia's 55th wealthiest individual, faces substantial legal challenges, with law enforcement raiding company offices and homes of senior managers. Despite these developments, Rusagro insists its operations remain unaffected and complies fully with legal authorities. The legal turmoil follows Moshkovich's political ties and previous resignation amid Western sanctions.

(With inputs from agencies.)