ST.PETERSBURG, January 20 - RAPSI. Investigators in St. Petersburg suspect two businessmen of fraudulently receiving a $12.7 million bank loan, the Interior Ministry said on Friday.

"The police suspect a St. Petersburg businessman of large-scale fraud.

Together with his partner, he defrauded the Moscow Bank for Reconstruction and Development of almost 440 million rubles," the ministry's said in a press release.

The police detained the alleged criminals on Tuesday - a 45-year-old director of two companies in St. Petersburg and a 45-year-old co-founder of three companies.

Investigators released them under their own recognizance and opened a criminal case on large-scale fraud charges. They may face up to 10 years in prison.

Police declined to disclose the details of the alleged fraud.