MOSCOW, March 12 - RAPSI. Vnesheconombank (VEB) Deputy Chairman Anatoly Ballo have been charged with fraud on Monday, the Interior Ministry reports.

According to investigators, Ballo and his accomplices stole $14 million on September 24, 2008 as part of a loan provided to OJSC Evraziyskiy to purchase a 100-percent interest in Yugvodokanals charter capital.

"One of Ballo's accomplices has already been charged. Investigation of the third suspect, who is in the hospital now, will also start soon," the Ministry reports.

The investigation has established that the stolen funds were deposited on the accounts of offshore companies opened in Swiss banks.

Investigators are looking into Ballo's possible involvement in similar crimes. The Tverskoy District Court in Moscow released him on a 5 million ruble ($170,000) bail last week.

VEB is a state corporation that aims to boost Russia's economic competitiveness, diversify its economy and stimulate investments. VEB has been the major shareholder of Evraziyskiy since 2006.