Two days ago, Karic was in Belgrade to submit documents asked by tax administration. After that he left the country to collect documents pertaining to the business performance of the Mobtel company, his lawyers said.
Until recently Karic owned the company but he then sold it to Austrians.
According to some media reports. Karic is suspected of having syphoned the money from the company's accounts to his private accounts in the 1990s. The media speculate about 17 million marks having been transferred in such a way.
The tycoon who expanded his business empire in Serbia during the Slobodan Milosevic regime is suspected of evading to pay two million euros of taxes.
The Serbian ministry also issued a warrant for the arrest of Karic's brother, Sreten Karic. a former director general of the Mobtel company.
Sreten Karic's lawyers have said that their client is being at hospital in Moscow. However, the police in the Russian capital have denied the lawyers' claims.
In late December the Serbian government stripped the Mobtel of the licence for performing activities in mobile telephony. A comprehensive investigation has been launched into suspicions murky dealings of the company. A few former senior managers of Mobtel are currently in custody.