Russian tycoon placed under investigation in France

Russian billionaire and lawmaker Suleiman Kerimov has been placed under formal investigation by a judge in Nice on suspicion of tax fraud in France, local media reported on Thursday.

Kerimov was arrested upon his arrival at the French Riviera resort's airport on Monday night. He was questioned by police for two days over alleged tax evasion and money laundering involving the purchase of luxury properties through shell companies.

The Kremlin has said Kerimov has diplomatic immunity. The French foreign ministry said the lawmaker can enjoy immunity "only for actions which are carried out within the framework of fulfillment of his duties".

The Russian senator was released on €5m ($5.9 million) bail and had to surrender his passport on Wednesday evening, French daily Nice Matin reported on Thursday quoting public prosecutor, Jean-Michel Pretre.

Moscow protested the arrest and said it would spare no effort to defend the rights of the 51-year-old billionaire.

If charged and convicted, Kerimov, who is worth an estimated $7.4 billion according to Forbes magazine, might face up to 10 years in prison.