Georgy Bedzhamov, President of the Russian Federation of Bobsleigh (RFB), who fled the country earlier this year, has been arrested in Monaco and could be extradited back to Moscow, it has been reported.
A court in Moscow last month ordered the arrest of Bedzhamov, co-owner of Vneshprombank, charged with an illegal withdrawal of bank assets worth 235 billion roubles (£2.4 billion/$3.4 billion/€3 billion).
An international arrest warrant for fraud charges had also been issued.
The 52-year-old millionaire businessman had left Russia in January following the arrest of his sister Larisa Markus the previous month on accusations of fraud.
It followed the decision of the Central Bank of Russia to put Vneshprombank into temporary administration.
Both Bedzhamov and his sister face up to 10 years in prison if they are found guilty.
"We have received this information from our European colleagues," a Russian Government spokesman told the country's official news agency TASS.
"We are currently deciding whether to forward a motion for his extradition."
Bedzhamov had refused to give up his place as head of the RFB, which he has held since 2010, despite fleeing the country.
He become President of the RFB in 2010 and was re-elected after the 2014 Winter Olympics in Sochi, where Russia won three gold medals in bobsleigh and skeleton.
Following the success at Sochi 2014, Bedzhamov was invited to the Kremlin where he received a state decoration from Russian President Vladimir Putin.
In June 2014 he also became the vice-president of communications at the International Bobsleigh & Skeleton Federation, serving on the world governing body's ruling Executive Committee.