Billionaire Vadim Moshkovich detained amid fraud allegations, Rusagro shares plunge

Vadim Moshkovich, the billionaire founder of Rusagro, one of Russia's largest agricultural companies, has been remanded in custody pending trial on charges of large-scale fraud, marking a significant arrest in recent Russian business history. Following his detention, Rusagro's shares plummeted by over 30%, reflecting investor concerns about the implications of his legal troubles. Moshkovich, who has a fortune estimated at $2.7 billion, faces up to 10 years in prison if convicted. Law enforcement officials conducted extensive raids on Rusagro's offices and the homes of senior managers, although the company maintains its operations are unaffected and compliant with legal obligations. This arrest adds to the ongoing scrutiny of Russian oligarchs amidst a backdrop of Western sanctions and political tensions. Moshkovich's ties to the Kremlin and previous political engagements have raised questions about the motivations behind this high-profile case.