The arrest of a top billionaire sent shockwaves through Russia's business

The arrest of a top billionaire sent shockwaves through Russia's business and political circles on Wednesday and prompted fears of a state-orchestrated asset grab similar to the prosecution of ex-tycoon Mikhail Khodorkovsky.The Investigative Committee, which reports directly to President Vladimir Putin, announced late Tuesday that Vladimir Yevtushenkov had been placed under house arrest and was being investigated for money laundering linked to an oil deal.

Yevtushenkov's sprawling conglomerate Sistema lost a third of its value on Wednesday.The detention triggered comparisons to the prosecution of Khodorkovsky, once Russia's richest man and head of the now-defunct Yukos oil firm, who spent a decade in jail in what his supporters say was revenge for challenging the Kremlin.Observers said Yevtushenkov's arrest marks a watershed for Russian business as it signals that even tycoons loyal to the Kremlin are no longer immune from prosecution.The probe centres on how his holding acquired oil company Bashneft and comes after speculation that Russia's biggest oil producer Rosneft -- run by Putin's loyal lieutenant Igor Sechin -- was keen to get its hands on the company.