U.S.: Oleg Tinkov may face up to 6 years in prison

The U.S. Department of Justice said that Russian businessman Oleg Tinkov has been charged with filing false tax returns.

If convicted, Tinkov faces a maximum of 6 years in prison and monetary penalties on two counts of making false tax claims, the justice department said.

It said Tinkov had allegedly concealed $1 billion in assets and incomes when renouncing his U.S. citizenship in 2013, Reuters reported.

TCS said this week Tinkov was taking part in court hearings in London initiated by the U.S. Internal Revenue Service in response to allegations he underreported tax.

Tinkov was arrested in London last week, but TCS said he was released on bail.