An international arrest warrant has been issued for the ex-Tynecastle supremo to return to his home country of Lithuania to face prosecution for non-payment of debts relating to the collapse of his bank.
His disappearance coincided with the Edinburgh club being placed into administration, little more than a year after it triumphed over rivals Hibs in the Scottish Cup Final.
Romanov, who first invested in Hearts in 2005, was last seen in Russia, where he was reportedly receiving treatment in hospital for a stroke, although the Lithuanian government says it cannot confirm his whereabouts.
Now reports have surfaced in the former Soviet state claiming he has been seen at basketball matches in Moscow.
Nadezhda Perepeckova, a reporter for the Russian news agency RIA, told Lithuanian morning television show 24/7 the fallen tycoon was "healthy" and was in "extremely good faith".
She said: "He's in Moscow. He has been here all the time since he left Lithuania. It was some kind of story that he had a heart problem and went to hospital.
"But he is healthy and just went to Moscow and goes to CSKA basketball games.
"I asked him and he said his health was okay and it was just an excuse to get out of Lithuania because the bank went bankrupt.
"I didn't ask about the problems since we met at a basketball game so we talked about sports."
The collapse of Romanov's empire took Scottish Premiership side Hearts to the brink, with the club just staving off the threat of liquidation.
Faced with no money and an absent owner, the 2012 Scottish Cup winners were forced into administration and currently languish at the foot of the Premiership on minus seven points after being docked 15 points.
Where Romanov's money went is a mystery, although documents released last month showed he moved £12 million from one of his accounts into his own bank, Ukio Bankas, at the time his Hearts dream was collapsing. They show the money was used to stoke up capital in Ukio Bankas.
The Bank of Lithuania papers show he paid himself the money, with the tycoon now regarded as a "suspect" in Kaunas and facing embezzlement charges - with a potential of seven years in prison if found guilty.
His property has already been seized, but the international search for his exact whereabouts continues. An image of him sunning himself on a beach in Russia in August caused controversy in his homeland.
When his empire collapsed, Romanov gave an interview claiming he had been left penniless and joked he would return to his former profession as a taxi driver. He said: "On the day when my bank activities were halted, all my accounts were frozen, including my bank cards.
"I was left only with the money in my pocket. I was forced to borrow money from friends and immediately sell my property to raise funds."
The Russian Embassy in Lithuania has refused to respond to local media's requests for confirmation Romanov has left Russia, while Lithuanian authorities have been led to believe the 66-year-old has fled Europe.
Speaking in August, a spokesman for the Lithuanian Prosecution Service said Romanov was suspected of "having squandered high-value property belonging to the bank Ukio Bankas".