Ukraine’s business tycoon Ihor Kolomoisky arrested

KYIV: Ukraine's powerful business tycoon Ihor Kolomoisky has been arrested in a fraud and money laundering investigation on Saturday, CNN reported citing state media.

The State Department sanctioned Kolomoisky in March 2021 for his alleged involvement in “corrupt acts that undermined the rule of law and the Ukrainian public’s faith in their government’s democratic institutions and public processes.” A Kyiv court ordered Kolomoisky to 60 days in pre-trial detention, meanwhile, the authorities are investigating fraud charges against him. One of the most powerful oligarchs Kolomoisky's media and banking businesses have made him one of the richest men in Ukraine. The US State Department has also accused him of using his "political influence and power for personal benefit," reported CNN. Following that, the Shevchenkivskyi District Court ordered Kolomoisky to be held until October 31 and was provided the option of posting bail in excess of 500 million Ukrainian hryvnia (USD 14 million), CNN reported citing state media. (ANI)

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