Russian Court Denies Bail for Billionaire Vadim Moshkovich

Vadim Moshkovich, founder of Rusagro and former Russian legislator, faces charges of embezzlement. The billionaire's appeal against his pre-trial detention in Russia has been rejected, leaving him in custody for two months since March, according to Russian media sources.

In a significant legal development, a Russian court has dismissed the appeal of Vadim Moshkovich, the billionaire and founder of the leading agriculture firm Rusagro, against his pre-trial detention.

Moshkovich, a past member of Russia's legislative upper house, is accused of embezzlement. According to reports by RBC, a prominent Russian media outlet, Moshkovich continues to be held in custody since his arrest in late March.

Forbes lists Moshkovich's net worth at $2.9 billion, highlighting the high-profile nature of the case involving one of the country's most affluent individuals.

(With inputs from agencies.)