MOSCOW, March 7 - RAPSI. The Tverskoy District Court of Moscow released Vnesheconombank (VEB) Deputy Chairman Anatoly Ballo, who is suspected of large-scale fraud, on a $170,000 bail.

Two other suspects in the case were released on their own recognizance.

Ballo is supposedly involved in loan frauds. Investigators maintain that he entered into a criminal collusion with the purpose of stealing funds from Open joint stock company Evraziyskiy.

Ballo is facing maximum punishment of up to 10 years in prison.

He is involved in the bank's major investment projects in the shipbuilding, automobile and resort industries. He has been the banks deputy president since 2007.

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