MOSCOW, August 14 (RAPSI) – CEO of the construction company Express Valery Markovkin charged in Russia with embezzling over 60 million rubles (about $900,000) from housing investors has been arrested in Germany, the Russian Investigative Committee’s press service reports Tuesday.

Markovkin has been earlier put on the international wanted list, the statement reads.

After being informed of the businessman’s arrest, Russian investigators forwarded a request for his extradition to German authorities.

According to investigation, Markovkin for years raised the citizens’ funds for participation in the shared construction in Veliky Novgorod. When he raised over 60 million rubles, he spent the money at his sole discretion. However, the construction has not been completed.

Investigation into the businessman is underway.