Mogilevich, who holds several citizenships including Russian, was arrested in central Moscow in early 2008 but released this year.
"Semion Mogilevich, a Ukrainian businessman, is charged in 40 economic crimes carried out in dozens of countries around the world, including bilking investors in a Philadelphia company out of $150 million. He is the newest addition to our Ten Most Wanted Fugitives list, and we are offering up to $100,000 for information leading directly to his arrest," the FBI said in a statement on its website.
Mogilevich has been on the wanted list of a number of countries for more than 15 years for alleged involvement in organized crime and corruption. Believed to control the largest Russian mafia syndicate, he is suspected of involvement in arms dealing, drug and sex trafficking, and money laundering.
He served two jail terms in the Soviet Union in the 1970s for illegal currency dealings and fraud.
The FBI said Moglievich "has his primary residence in Moscow, Russia. He is known to utilize a Russian passport, but may also possess Israeli, Ukrainian, and Greek passport."
He was arrested in January 2008 along with his business partner Vladimir Nekrasov, the head of cosmetics retailer Arbat Prestige.
Russian prosecutors said Mogilevich, going by the name of Sergei Shnaider at the time of his arrest, was behind a tax evasion scheme used by the store chain.
They were both released from custody in July this year and were subjected to a travel ban. The Russian Interior Ministry said the charges against Mogilevich and Nekrasov were "not of a particularly grave nature so investigators had no particular reason to keep them imprisoned."
Arbat Prestige was established in 1989 and opened its first retail outlet in 1998. The chain, which at one time had around 100 outlets throughout Russia and 20 in Ukraine, is now almost defunct, and is undergoing bankruptcy procedures.
While in prison serving a four-year sentence, Fanchini was dealt a further blow when a huge consignment of drugs was seized by the Dutch police.
The 1.8 million ecstasy pills, weighing 424kg, were destined for sale to the US market, where Fanchini and Nayfeld had links with the Russian community in the Brighton Beach district of Brooklyn, New York.
Living in London
When Fanchini left prison he moved to London. In 2006 he hired out the Grand Hyatt Hotel in Berlin for a sumptuous party and followed it up with another bash in Moscow, which was attended by hundreds of gangsters as well as celebrities and legitimate businessmen.
But Fanchini was living on borrowed time.
In England he reportedly split his time between a Mayfair townhouse and a plush mansion in a gated community in Surrey, not far from the home of Formula One driver Jensen Button.
But the US Drug Enforcement Administration (DEA) caught up with him and on the morning of 3 October 2007 officers from the Metropolitan Police's Extradition and International Assistance Unit knocked on the door of his townhouse in Mount Street.
He was using the name Ricardo Rotmann, which was the surname of his third wife, Katja, a German, with whom he has a child.