A Kyiv court has remanded in custody a U.S. businessman accused of defrauding Ukrainians as part of $100 million racket, the UNIAN news agency said on Thursday.

Robert Fletcher, a self-made millionaire and founder of the Millionaire Mentor Project, was arrested on November 22 together with the head of Kings Capital Company, Aleksandr Bandurchenko, on suspicion of running a fraudulent investment scheme from 2007 up to their arrest.

The U.S. businessman ran investment seminars where he told clients how they could make 35% profits by investing their savings in Kings Capital. The investors became concerned when they were unable to withdraw funds.

Some 60 Ukrainians made formal complaints against Fletcher and his partner. Ukraine`s parliament deputy speaker, Mykola Tomenko, urged the Interior Ministry to investigate the company`s activities.

The UNIAN news agency said most people involved in the project were local members of a protestant church.

RIA Novosti