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VEB's Ballo Detained

The deputy chairman of state development bank VEB, Anatoly Ballo, is being investigated on suspicion of being part of a lending fraud scheme, a spokesman for the Interior Ministry said.

The spokesman said there were two more suspects in the case. The ministry typically investigates cases before any official charges are made.

Vedomosti reported that Ballo, an ally of VEB chairman Vladimir Dmitriyev and in charge of the investment department, was detained by law enforcement officers on March 1 at one of Moscow's airports. VEB declined to comment on the investigation, saying it was assisting it.

(Reuters)

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