The Finnish National Bureau of investigation (KRP) has launched an inquiry into allegations against Leonid Reiman, a former Russian minister for telecommunications from 2004 to 2008, reports Helsingin Sanomat.

According to Finnish police, during Reiman's tenure as minister, he is suspected of transfering more than $11m (more than €8m) from Russian telecoms businesses to Cyrpiot company Albany Investment and the IPOC International Growth Fund, an offshore entity based in the Caribbean, via the Finnish group Sekom.

American authorities and British Virgin Islands police have long suspected Reiman, an associate of Vladimir Putin, of illegally controlling part of the Russian telecoms sector via IPOC.