MOSCOW — The American founder of one of the oldest and largest Russia-focused private equity firms was detained on fraud charges in Moscow on Friday in a case that jolted the country’s business community.

The founder of Baring Vostok, Michael Calvey, appeared in a Moscow court along with three of his partners and two other associates. Mr. Calvey, 51, was ordered held for three days, and his formal arraignment was scheduled for Saturday, the Russian news agency Interfax reported. The five others were put under arrest for two months.

If found guilty, they could face up to 10 years in prison, the court said.

A state investigator said Mr. Calvey and other executives at his fund were suspected of embezzling 2.5 billion rubles ($37.48 million) by persuading shareholders in a Russian bank to accept a stake in another firm at an inflated price, according to news reports.

Speaking to the court through his lawyer, Mr. Calvey denied his involvement in any fraud scheme and offered his full cooperation. He said the case against him had been prompted by a corporate conflict within a bank Baring Vostok holds a stake in, Interfax reported.