VEB Deputy CEO Detained for Alleged Fraud, Kommersant Reports

Anatoly Ballo, deputy chief executive officer of VEB, Russia’s state development bank, was detained March 2 for alleged fraud and then released under 5 million rubles ($170,000) collateral, Kommersant reported, citing sources in the police.

VEB’s press office declined to comment, the Moscow-based newspaper said. VEB spokeswoman Ekaterina Grishkovets declined to comment on the Kommersant story when contacted by Bloomberg News.

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