Ukraine's former Finance Minister Yuriy Kolobov has been arrested in Spain, the Ukrainian Interior Ministry has said.

"We can confirm the arrest of Kolobov in Spain. The documents were received from Interpol," a spokesperson for the ministry told Interfax.

The Ukrainian Foreign Ministry said it was studying reports about Kolobov's arrest. "The Foreign Ministry is checking this information," its spokesman Yevhen Perebyinis told Interfax.

Kolobov was arrested in the resort city of Altea in the province of Alicante, according to the ABC.es website. He checked into at a local hotel complex, Altea Hills, about a month ago. "This unique area is one of favorite hangouts among gangsters from the east," the news website said.

The arrested ex-minister has already been handed over to National Court judge Ismael Moreno who is due to make a decision on Kolobov's extradition to Ukraine where he is suspected of having stolen "millions of public money." The ex-minister's Swiss bank accounts have been frozen, the news outlet said.

Europa Press reported that the operation continues and further arrests are possible.

The arrest warrant for the Ukrainian ex-finance minister was issued by Interpol, the news outlet said. He was wanted for appropriation, misuse and transfer of public funds "on a massive scale."

Eight former high-ranking Ukrainian officials are wanted by Interpol. In all, Ukraine has filed red notice requests for 22 officials, including Kolobov.

On January 19, a court in Kyiv ruled in favor of Kolobov's remand in custody, which the Prosecutor General's Office said gave it reason to request the extradition of Kolobov, Mykola Azarov and ex-president Viktor Yanukovych.

The Ukrainian Prosecutor General's office has launched an inquiry against the three under Article 191 part five of the Ukrainian Criminal Code (misappropriation, misspending and abuse of office).

To confiscate the suspect's assets in accordance a January 30 court ruling, investigators from the Prosecutor General's Office obtained orders from Kyiv's Pechersky District Court judge to freeze these assets.

On January 31, the Ukrainian Prosecutor General's Office obtained permission to freeze UAH 125 million of the accounts of individuals who had links to Kolobov.

Kolobov served as the finance minister from February 2012 to February 2014 in the government led by Mykola Azarov.