MOSCOW, March 27 (RAPSI) – The Moscow City Court on Wednesday dismissed an appeal against arrest of ex-president of Otkritie Bank Eugeny Dankevich charged with embezzling 34 billion rubles (about $520 million) in absentia, RAPSI reports from the courtroom.

A lower court issued an arrest warrant for Dankevich in absentia on March 11. According to the ruling, the former banker is to be placed in detention within 2 months after his extradition or actual arrest in Russia.

Investigators claim that in the summer of 2017 Dankevich conspired with top managers of two bank’s borrowing companies and retired the firms’ bonds for 34 billion rubles knowing that their actual cost was one half as high.

According to the investigation, Dankevich left for Israel in September 2017.

A criminal case was opened against the former banker in September 2018.