YEKATERINBURG, July 25 - RAPSI. The United Arab Emirates has refused to hand over to Russia Vladislav Kostarev, who is suspected of having headed a group of corporate raiders who took over numerous companies in the Urals and other regions and inflicted roughly $46 million in losses, Urals Federal District Interior Department deputy head Andrei Taranenko told journalists on Wednesday.

Investigators maintain that the group raided 26 companies in the Sverdlovsk Region, Moscow, Khakassia, Samara, Rzhev and other cities in 1999-2007.

The suspects established a number of firms to appraise to their advantage insolvent companies, as well as a number of fly-by-night firms to conduct fraudulent transactions, conversion and embezzlement, create liabilities, and perform assets divestment and bank bill monetization.

According to investigators, the group also set up security agencies to support its corporate raids. Such agencies were manned by former police officers and chiefs from the Sverdlovsk Region. The case has been referred to the Sverdlovsk Regional Court.

Kostarev and Alexander Khabarov were allegedly the group's leaders.

Khabarov was arrested several years ago and later found hanged in his cell. Kostarev and his three closest accomplices escaped and have been placed on the international wanted list.

They are charged with the "organization of a criminal group and participation therein," which carries up to 10 years in prison and up to a 1 million ruble ($30,600) fine.