Russian law enforcement authorities detained Public Stock Co. Orient Express Bank's former investments director Alexander Tsakunov over suspected large-scale fraud and embezzlement of funds from the lender, Vedomosti reported Dec. 20.

Tsakunov, who has been placed under house arrest until Jan. 13, is the seventh person detained as part of the ongoing investigation into the alleged theft of 2.5 billion rubles from Orient Express Bank, with Baring Vostok Capital Partners Ltd. founder Michael Calvey and five other executives detained earlier in 2019.

Calvey, who also remains under house arrest, has repeatedly denied any wrongdoing, claiming that the accusations are part of a corporate dispute between Orient Express Bank's former controlling shareholder Baring Vostok and current controlling shareholder Russian businessman Artem Avetisyan, who has controlled the lender since June.

As of Dec. 20, US$1 was equivalent to 62.23 Russian rubles.