A CRIMINAL investigation has been opened against former Reading FC owner Anton Zingarevich on suspicion of embezzlement.

Russian authorities have accused the 34-year-old businessman of embezzling a $156 million loan from MTS Bank and diverting part of it intended for another of his companies towards the Atlant Moscow Oblast hockey club.

The news was reported yesterday in Russian newspaper Kommersant, which also suggests the remainder of the money was transferred abroad.

An investigation was opened on July 5 by Russia’s Ministry of Internal Affairs into alleged “large-scale fraud” by Zingarevich and Konstantin Shishkin, who is the CEO of Zingarevich’s publicly listed Energostroyinvest Holding.

Investigators allege that in 2013 Shishkin and Zingarevich used Energostroyinvest Holding as a guarantor for a loan from MTS Bank to another company, Engineering Center Energy, which was fraudulently diverted elsewhere.

Zingarevich, who once attended Bearwood College in Wokingham, took control of Reading FC from Sir John Madejski in 2012.

He was in charge when Brian McDermott won promotion to the Premier League the same year, but left under a cloud in 2014 with the club in serious debt and close to administration.

He eventually sold his stake to the current Thai owners.

Chris Samuelson, the Swiss-based financier who was on the board of directors when Zingarevich's Thames Sports Investment company ran the Royals, is now vice chairman at Aston Villa with new owner Tony Xia.

Highly-rated Reading midfielder Aaron Tshibola, 21, sealed a £5 million move to Villa this week, signing a four-year deal.

Ex-Royals boss Steve Clarke is also assistant manager to Roberto Di Matteo at Villa Park.