Renowned American investor detained in Russia

An American national and one of Russia's well-known foreign investor was detained in Moscow over fraud charges.

Michael Calvey is the founder of Baring Vostok Capital Partners, an investment firm that came into existence in 1994 and has raised around USD 3.7 billion in capital, according to its website.

As part of a large-scale fraud investigation, a Russian court on Friday ordered Calvey's extension to be extended for 72 hours, Moscow's Basmanny court spokeswoman Yunona Tsaryova told CNN.

She refused to comment about the charges against the American investor, but said that a session to levy pre-trial restrictions would take place on Saturday.

Apart from Calvey, five others were detained over fraud charges -- three Baring Vostok employees, Alexey Kordichev, chairman of the board of directors of Vyatka Bank and Maxim Vladimirov, general director of Perviy Collector Bureau, a debt collection firm, according to Russia's state-run RIA Novosti news agency.

In a statement, Baring Vostok said that "the detention of its employees and the charges that have been brought are a result of a conflict with shareholders of Vostochniy Bank."

"We have full confidence in the legality of our employees' actions and will vigorously defend their rights. Baring Vostok's activities in the Russian Federation are fully compliant with all applicable laws," it added.

Calvey, apart from being the founder of Baring Vostok, is also a senior partner in the investment firm as per his profile. He has resided in the US and UK and worked for the European Bank for Reconstruction and Development and Salomon Brothers.

Calvey also owns a controlling stake in Vostochniy Bank, as per CNN quoting RIA Novosti.

According to its website, Baring Vostok's investor base is derived from pension funds, sovereign wealth funds and university endowments.

The company has also invested over USD 2.8 billion in 80 firms across several European countries, including Russia, Kazakhstan, Ukraine and other parts of the former Soviet Union since its inception.