Moscow:  Russian authorities have arrested billionaire Ziyavudin Magomedov on charges of embezzling more than $US35 million ($45 million) in one of the highest-profile prosecutions of a Russian tycoon in years.

Magomedov denied the charges at a pre-trial hearing, where a judge ordered that he be held in custody until May 30.

One of Russia's richest men, 49-year-old Magomedov holds assets in construction and logistics through his sprawling Summa Group. He also has investments in US tech ventures, including the Virgin One Hyperloop project,

He was detained along with his business partner and brother, Magomed Magomedov, and Artur Maksidov, the head of a company in the Summa Group that was involved in construction of a soccer World Cup venue in the Russian exclave of Kaliningrad.

The hearing on Saturday in Moscow's Tverskoy District Court was held to decide whether Magomedov and his associates should be detained pending trial.