Haci Ibrahim Ibrahimov (Nehramli), head of Avesta Concern, has been held by the Interior Ministry Department for Fight Against Organized Crime since May 12, Virtual Azerbaijan reported, citing company official Qurban Ahmadov.

The arrest is connected with $57 million Nehramli borrowed from state-owned International Bank of Azerbaijan for his Khazar Islands project, although he has yet to be formally charged, Ahmadov said.

While the loan matures in 2019, the authorities demand that Nehramli pay it off now, he said.

Nehramli in 2012 announced plans to construct the world’s tallest tower, which he said would stand at 3,645 feet. Dubbed Azerbaijan Tower, the structure would soar 27% higher than the Burj Khalifa in Dubai.