Russian steel magnate Dmitry Gerasimenko, 38, was arrested at Larnaca airport on Thursday, wanted for fraud and embezzlement in Russia.
Gerasimenko, who is well-known in Russia for his career as a basketball player, appeared before a Larnaca court on Thursday and was released on bail pending his extradition hearing on December 20.
The suspect surrendered his travel documents and must report at a police station three times a week.
According to the Moscow Times, Dmitry Gerasimenko is accused of stealing a $65 million (€63 million) loan from VTB Bank meant for his steel company between 2007 and 2009, by transferring the money to other accounts.
The billionaire is the owner of the large Volgograd Steel plant Red October and of two basketball teams, Russian first division team BC Krasny Oktyabr based in Volgograd and well-known Italian team Pallacanestro Cantu.
After a Moscow court charged the billionaire in absentia for organising embezzlement on a large scale, on November 29 he was added to Interpol’s wanted list.
He was arrested in Larnaca immediately after arriving from Milan.
He has in the past pleaded his innocence saying he joined the company in 2011, long after the money is believed to have been stolen.
An alleged associate of the steel magnate, Sergey Zatsepin, is in detention in Moscow on charges of aiding and abetting fraud.