Police are searching the offices of the Russian state technology firm Rusnano, the Meduza news agency reported Wednesday.
The raid is targeting one of the company's managers, who has not been publicly named, according to the company's press service.
Rusnano is "providing all necessary information [to the investigators] and is interested in constructive cooperation with the investigation," the company said in an official statement.
Several reports have speculated that the case is linked to delays in construction of the NT-Pharma pharmaceutical factory in the Yaroslavl region.
Rusnano and several other private parties invested in the factory's construction in 2009. The state-owned firm initially halted its involvement after its co-investors encountered problems with their payment schedule, but began to finance the project again in 2015 after securing a new partner.
The move was followed by the arrest of the former CEO of Rosnano, Leonid Melamed, on charges of large-scale embezzlement.