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Telecom firm's CEO detained over fraud allegations

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The Khamovnichesky District Court of Moscow, Russia, has detained Aleksander Davydov, chief executive of local telecom firm Voentelecom OJSC, over allegations of overpricing equipment, Crime Russia reported citing TASS. The Investigative Committee of Russia said that Mr. Davydov sold routers to the Ministry of Defense for $17,000, while the routers' market value was $6,000. The fraud cost the government more than $7.7 million.

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