Paris CNN  — 

French billionaire and LVMH owner Bernand Arnault is being investigated over his financial dealings with a Russian businessman, the Paris prosecutor’s office told CNN Friday.

According to the prosecutor’s office, a preliminary probe is underway following a report by TRACFIN, a French government anti-money laundering agency.

The preliminary investigation is looking into whether these financial dealings could constitute money laundering.

The prosecutor’s office would not provide any further comment “on the ongoing investigations.”

According to the Bloomberg Billionaires Index, Arnault’s net wealth of $164 billion makes him the world’s second-richest person behind only Elon Musk.

LVMH is one of Europe’s biggest companies, encompassing luxury fashion and drinks brands such as Louis Vuitton and Moet & Chandon. It did not immediately respond to a CNN request for comment.

— This is a developing story and will be updated.