MOSCOW, July 8. /TASS/. Today Moscow's Basmanny Court will review the investigation's petition to extend the house arrest for Michael Calvey, the founder of the Baring Vostok private equity firm who is currently under house arrest on fraud charges, by three months, Calvey’s counsel Dmitry Kletochkin told TASS on Monday.

"Today the Basmanny Court will consider the investigation’s petition to extend the house arrest for Calvey by three months, at 15.00pm," Kletochkin said.

Calvey case

Calvey was arrested in a 2.5-bln ruble ($39.2 mln) embezzlement case. According to the investigation, he and his accomplices put together a scheme, where the First Collection Bureau, under their control, waived its right to a 59.9% stake in a Luxembourg-based company called the International Financial Technology Group to the Vostochny bank in order to pay back the 2.5 bln-ruble debt. However, law enforcement agencies say the stake was actually worth 600,000 rubles ($9,400).