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Forbes-named billionaire gets accused of fraud
(MENAFN) Vadim Moshkovich, the billionaire founder of Rusagro—Russia’s top agro-industrial producer—has been detained and charged with large-scale fraud and abuse of authority, according to Russian media reports on Thursday. A court has ordered his pre-trial detention for two months.
Moshkovich, a former Russian MP and one of the country’s wealthiest individuals with a net worth of $2.7 billion (as listed by Forbes in 2024), is accused of fraudulent dealings involving the assets of Solnechnye Produkty, a major Cyprus-based supplier of vegetable oils and fats. The alleged fraud is valued at around one billion rubles (nearly $12 million).
At a Moscow court hearing, Moshkovich denied the allegations and offered a bail equal to the alleged amount involved in the case. However, the judge denied the request, citing concerns he might flee the country, given that he holds Israeli citizenship and has children living in France and Cyprus. If convicted, he could face up to ten years in prison.
The investigation has also ensnared Rusagro’s former CEO Maxim Basov, who was detained during raids on several company offices. The current CEO, Timur Lipatov, was questioned but not arrested.
Despite the developments, Rusagro issued a statement assuring that its operations continue as usual and all obligations are being fulfilled. However, the company’s shares dropped by over 30% following Moshkovich’s arrest, according to data from the Moscow Exchange (MOEX).
Rusagro is the only major Russian agricultural firm listed on the stock exchange and remains untouched by Western sanctions introduced after the Ukraine conflict escalated in 2022. Moshkovich himself was sanctioned by the EU in 2022, prompting him to step down as chairman and reduce his ownership stake to below 50%.
Earlier in 2025, the company relocated its legal registration from Cyprus to Russia after a court ruled in favor of the Russian Agriculture Ministry in a dispute involving Rusagro’s Cyprus-based parent company.
Moshkovich, a former Russian MP and one of the country’s wealthiest individuals with a net worth of $2.7 billion (as listed by Forbes in 2024), is accused of fraudulent dealings involving the assets of Solnechnye Produkty, a major Cyprus-based supplier of vegetable oils and fats. The alleged fraud is valued at around one billion rubles (nearly $12 million).
At a Moscow court hearing, Moshkovich denied the allegations and offered a bail equal to the alleged amount involved in the case. However, the judge denied the request, citing concerns he might flee the country, given that he holds Israeli citizenship and has children living in France and Cyprus. If convicted, he could face up to ten years in prison.
The investigation has also ensnared Rusagro’s former CEO Maxim Basov, who was detained during raids on several company offices. The current CEO, Timur Lipatov, was questioned but not arrested.
Despite the developments, Rusagro issued a statement assuring that its operations continue as usual and all obligations are being fulfilled. However, the company’s shares dropped by over 30% following Moshkovich’s arrest, according to data from the Moscow Exchange (MOEX).
Rusagro is the only major Russian agricultural firm listed on the stock exchange and remains untouched by Western sanctions introduced after the Ukraine conflict escalated in 2022. Moshkovich himself was sanctioned by the EU in 2022, prompting him to step down as chairman and reduce his ownership stake to below 50%.
Earlier in 2025, the company relocated its legal registration from Cyprus to Russia after a court ruled in favor of the Russian Agriculture Ministry in a dispute involving Rusagro’s Cyprus-based parent company.
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