Russian Farming Tycoon Arrest Sparks Business Shockwaves

Russian billionaire Vadim Moshkovich was arrested on suspicion of large-scale fraud, marking the most high-profile arrest in Russia's business sector in years. Moshkovich, founder of the agricultural powerhouse Rusagro, remains in custody under charges that could lead to a 10-year jail term if convicted.

Russian billionaire Vadim Moshkovich, who built a fortune worth $2.7 billion as the founder of agricultural giant Rusagro, was arrested on suspicion of large-scale fraud by a Moscow court, making it the most significant arrest of a Russian businessman in recent memory.

Moshkovich appeared in a glass cage in the Meshchansky court, handcuffed and in possession of a book and water, pleading not guilty to charges that could see him jailed for a decade. The arrest sent shockwaves through Russia's business elite, reminiscent of previous notable arrests.

Subsequent raids by the FSB and anti-corruption police on Rusagro's offices indicate the arrest could be linked to past legal conflicts. Despite the upheaval, Rusagro insists its operations remain unaffected and compliant. Moshkovich, previously sanctioned by the EU, has since reduced his stake in Rusagro.

(With inputs from agencies.)