The Ukrainian businessman and the founder of the Concorde Capital investment company, Ihor Mazepa, was detained at the border, Concorde Capital announced on Jan. 18.
Law enforcement officers also entered the company's premises and are carrying out searches of the building and employees, the statement read.
The announcement comes the same day as several media outlets reported on Mazepa's detention by the State Bureau of Investigation at the Shehyni border crossing with Poland.
According to the Ukrainska Pravda outlet, which talked to Mazepa's lawyers, the businessman was on his way to the Davos forum in Switzerland.
The company claims that the searches are being carried out "without a court order," and law enforcement officials are taking all documents related to Mazepa's business activity.
Law enforcement authorities are yet to make a public statement.
The Ukrainian publication NV said, citing its sources, that the case is related to the acquisition of land rights for the construction of the luxurious cottage resort Goodlife Park in the Vyshhorod district, Kyiv Oblast.
The resort, lying only 12 kilometers from the capital, was built in 2013 and covers an area of 40 hectares.
Mazepa founded Concorde Capital in 2004. The company provides banking, brokerage, and asset management services and is considered to be one of Ukraine's leading investment banks.
For several months in 2014, Mazepa was a supervisory committee member of Alfa-Bank, run by a banking group of Russian oligarchs Mikhail Fridman and Pyotr Aven. Last year, Ukraine nationalized the Ukrainian branch of Alfa-Bank, renamed Sense Bank.