The Justice Ministry of Estonia has decided to extradite fugitive banker and ex-lawmaker Alexander Dmitriyev to Russia, the Ministry's spokesperson Maria-Elisa Tuulik announced Thursday.

Dmitriyev was detained in the country in January on fraud charges.

Early in October, the Tallinn District Court cancelled the extradition of Dmitriyev. The court refused the extradition on the grounds that the motion filed by the Justice Ministry was legally unsubstantiated.

The Russian Investigative Committee earlier reported that Dmitryiev, who headed the Omsk branch of "AK Bars Bank" in 2007-2009, issued over 100 mortgage loans using forged documents and fictitious personal data, totaling up 350 million rubles ($11 million).

Later, with the help of the accomplices, many of whom were his governmental aides in municipal parliament, he allegedly funneled the money out to a number of front companies. From these funds Dmitryiev indulged himself in luxury cars, a boat and an airplane, the investigators say.

Dmirtyev managed to escape justice and was put on an international wanted list in 2011. He faces up to 10 years in prison if convicted.