Russian nanotechnology official arrested for fraud

A top official for the Russian government's nanotechnology promotion arm has been detained on fraud charges.

The state Investigative Committee announced the arrest of Andrei Gorkov on Saturday. He is the managing director for investment of Rusnano, a state company that invests in nanotechnology projects. Rusnano has been touted by the government as important to making Russian industry more innovative.

The investigative committee said Gorkov placed Rusnano funds in a bank whose license was revoked in 2014 .The deposits were claimed to be used for settlements, but financed the bank's activities.

The committee estimated the loss to Rusnano at more than 700 million rubles ($12 million).