Calvey is the founder of Baring Vostok Capital Partners, an investment company established in 1994 which has raised at least $3.7 billion in capital, according to its website.
Russian state news agency RIA-Novosti reported five other employees of Baring Vostok were also detained.
Moscow's Basmanny court spokeswoman Yunona Tsaryova told CNN, "They are detained, we can't make any more comments. It is subject to investigation."
Tsaryova would not confirm to CNN how many people were detained or their identities.
Kiril Dmitriev, CEO of Russian Direct Investment Fund and a close adviser to Russian President Vladimir Putin, vouched for Calvey when learning about his detention.
"I know Michael Calvey and his team at Barings Vostok as highly professional investors committed to the highest ethical standards. I am ready to personally vouch for Michael Calvey and believe that he has done a lot for attracting foreign investors to Russia and helped many Russian companies grow and mature," Dmitriev said.
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