MADRID (Reuters) - Spanish police have arrested two fugitives from Russia and Belarus in the Mediterranean resort town of Marbella wanted by Russian authorities for multi-million-euro fraud, a police statement said on Wednesday.

It said Russia had requested the extradition of a 62-year-old Russian man who had fled with 6.5 million euros ($7.05 million) after his construction firm failed to complete a government contract in the Sochi area.

Police said the man, who they did not name, had funneled leftover cash from the contract through "fictional companies." He was arrested in early February, the statement said.

In a separate case in Marbella, an increasingly popular destination for holidaying Russians, police arrested a 51-year-old Belarussian man wanted by Russia on suspicion of defrauding a housing company of just over 600,000 euros ($649,860).

(Reporting by Angus Berwick; Editing by Mark Heinrich)