A Russian court has sent Bitriver founder Igor Runets to a pretrial detention facility. Runets will spend two months at the facility while investigators build their case.
Runets was detained and placed under house arrest by law enforcement on January 30, 2026. He was formally charged with three counts of concealing money and assets to evade taxes.
The Charges Against Runets
Runets has been charged under Part 4 of Article 159 of the Russian Criminal Code. The section covers fraud committed by organized groups. According to investigators, the fraud led to nearly 1 billion rubles in damages to EN+, a group of metallurgical and energy companies operating in Russia. Investigators allege that a company linked to Runets received advance payments from an EN+ subsidiary to supply mining equipment. However, the company did not deliver the equipment to the firm and failed to return the funds.
Court Sides With Prosecutors
Prosecutors pushed to transfer Runets to a detention facility, citing the scale of the fraud and concerns that he could influence witnesses in the case. The court agreed with the prosecution and granted the motion to detain Runets. Representatives for Runets and Bitriver have yet to issue a public statement about the developments. Investigators will now begin examining equipment and gathering witness testimony from EN+.
Bitriver’s Troubles Deepen
Meanwhile, Bitriver’s financial troubles deepened. Once the largest mining company in Russia by revenue, Bitriver is facing bankruptcy and looking for new ownership. Fox Group, the mining company’s parent entity, is $9.2 billion in debt, and a commercial court has initiated bankruptcy monitoring proceedings against the company.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
