MOSCOW, April 17 - RAPSI. The Tverskoy District Court in Moscow upheld on Tuesday the opening of a criminal case against Foreign Economic Bank (VEB) Deputy Chairman Anatoly Ballo on fraud charges.

Judge Alexandra Kovalevskaya passed the judgment and turned down Ballo's appeal.

According to investigators Ballo and his accomplices stole $14 million on September 24, 2008 as part of the financing for the Evraziyskiy company to acquire Yugvodokanal, the ministry reported on March 12.

Evraziyskiy is a water supply operator in southern Russia. VEB has been Evraziyskiy's major shareholder since 2006.

Investigators found that the stolen funds were deposited into offshore companies' Swiss bank accounts and charged Ballo with fraud. He faces up to 10 years in prison.

Ballo was detained, but the Tverskoy District Court later released him on bail.

Ballo continues working at the bank despite the investigation.