CEO of the Russian Venture Company detained in Moscow - RBC

The CEO of the Russian Venture Company (RVC) Alexander Povalko was detained in Moscow, RBC reported. The day before, his house was searched.

The searches were carried out by the economic security service of the FSB together with the police. RVC is suspected of abusing millions of dollars, Kommersant wrote, citing sources. According to the publication, the Investigation Department of the Ministry of Internal Affairs opened a criminal case under Part 2 of Art. 201 of the Criminal Code - abuse of power with causing grave consequences. The investigation believes that RVC money could have been invested in the personal projects of its leaders. So far, the case is about $600,000, but the amount could rise to $3 million, the newspaper noted.

The troubles of the management of RVC are connected with the case of the former director of the investment department of the company, Yan Ryazantsev, and the co-founder of the Bright Capital fund, Mikhail Chuchkevich, Kommersant's interlocutors said. They were accused of stealing 1.3 billion rubles under the pretext of investing in solar energy in the United States, arrested and charged with fraud on an especially large scale. Both were released last year.

The press service of RVC reported that the focus of attention of the security forces was on the "historical" portfolio of RVC, transactions of 2012-2016.

RVC is a state-owned "fund of funds" and invests in high-tech projects. Its capital exceeds 30 billion rubles. Alexander Povalko headed RVC in December 2016.