The court of Moscow extended house arrest for Russian-Armenian businessman-philanthropist Levon Hayrapetyan till September 15, TASS reports.

The court turned down an appeal to release Hayrapetyan on bail citing his poor health and the need for medical care.

The investigators asked to extend the term of arrest, while the prosecutor noted that Hayrapetyan owns real estate abroad and has dual citizenship of Armenia and Russia.

The Federal Security Service (FSB) of Russia arrested Hayrapetyan, one of the wealthiest representatives of the Armenian Diaspora in the world in July 2014.

The arrest took place as part of an ongoing investigation conducted by the Russian Investigatory Committee into the activities of one of the local criminal groups.

Hayrapetyan was detained by FSB workers at Domodedovo Airport in Moscow after he arrived in the Russian capital from Monaco.

The businessman was convoyed to the Investigatory Committee for questioning and it was there that he was officially notified about his arrest.

Hayrapetyan is reportedly suspected of connections to the criminal group led by Sergey Finagin, one of Russia’s notorious crime figures.

Russian law enforcers also imposed a lien on his shares of $900,000 in the oil company Bashneft. Hayrapetyan refuses to plead guilty in money laundering case in which he is allegedly involved.

A testimony by Igor Izmestev, a former senator now serving a life sentence, is said to have led to Hayrapetyan’s arrest.

Hayrapetyan is known to have invested millions of dollars into developing Nagorno Karabakh’s infrastructure and renovating the area’s historical-cultural monuments. His charity included a mass wedding for hundreds of Karabakh couples in 2008 and sponsorship of the construction of a military college in Martakert.