The Russian businessman, who owned majority shares in failed bank Ukio Bankas, is said to have taken an unspecified amount of money from the bank.
"V Romanov has been recognised as a suspect and is suspected of having squandered high-value property belonging to the bank Ukio Bankas," the Daily Mail quotes Vilma Mazone from the general prosecutor's office of the Republic of Lithuania as saying.
"We cannot state yet the exact value of the squandered property, as its amount has not been established yet. Laws of the Republic of Lithuania provide that a person who has committed the above mentioned criminal offence shall be punished by imprisonment for a term of up to seven years."
Hearts fell into administration in June due to their failure to pay the bank its owed £15m.