MOSCOW, November 7 (RAPSI) – Moscow’s Presnensky District Court has extended the detention of Russian developer Sergei Polonsky charged with embezzlement of 2.6 billion rubles ($41 million) for six months, the court’s spokesperson Anastasia Pylina told RAPSI on Monday.

The court on Monday began considering the case behind closed doors. However, the preliminary hearing was adjourned until November 14.

According to investigators, Polonsky, aided by Alexander Paperno, Head of the Mirax Group Finance Department and Alexei Pronyakin, CEO of Avanta company, have defrauded participants of shared construction apartment projects of 2.6 billion rubles ($41.2 million), thus committing a serious crime.

Polonsky, who is the founder of Potok (formerly Mirax Group), a diversified corporation that has been involved in several large development projects, is deemed to cause damages in amount of 2.4 billion rubles (around $38 million) regarding Kutuzov Mile and 256 million rubles (around $4 million) with regard to Rublyovskaya Riviera development projects.

Other projects Polonsky has been involved in include Federation Tower in the Moscow International Business Center, office buildings Mirax Plaza, Poklonnaya 11 and Admiral, condominium developments Mirax Park, Golden Keys 1 and 2, and the Well House.

In May 2015, the Cambodian authorities, where Polonsky had been avoiding Russian prosecution, extradited him to Russia.

If convicted, Polonsky could face up to ten years in prison. Polonsky has pleaded not guilty.