PARIS, April 12 - RAPSI. The prosecutor's office in the Swiss canton of Neuchatel hopes to extend Russian businessman Bulat Chagaev's arrest by three months.
Chagaev owns the bankrupt Swiss football club Neuchatel Xamax.

Following Xamax's bankruptcy, the Geneva Prosecutor's Office detained Chagaev on January 26 on suspicion of forgery and bad business practices.

Chagaev's case was later handed over to Neuchatel. He is now in prison in La Chaux-de-Fonds on the French border.

Chagaev is expected to be released from jail on April 15. However, the prosecutor general in Neuchatel said he is concerned that Chagaev may flee the country when at large. Thus, he has asked the court to extend his arrest until mid-July.

The court will consider the request by Sunday.

It was reported in November 2011 that the Swiss Prosecutor's Office had charged Chagaev with forgery. Prior to these charges, Swiss media reported that the prosecutor's office suspected the businessman of forging financial documents of the Bank of America. Prosecutors allege that Chagaev may have submitted false evidence of having $35 million on his bank account to avoid Xamax's bankruptcy procedure.

Chagaev is also suspected of money laundering and bad business practices.

Chagaev acquired Xamax in May 2011. Xamax filed for bankruptcy after the Swiss Football League's Disciplinary Committee revoked its license on January 18, 2011. Xamax appealed the revocation. However, the arbitration and regional courts dismissed the appeal.