MOSCOW, March 5 - RAPSI. Foreign Economic Bank Deputy President Anatoli Ballo, who is suspected of large-scale fraud, must pay a $170,670 bail by March 6. His detention has been extended until that date, the Tverskoy District Court told the Russian Legal Information Agency (RAPSI/

According to the source, the court will hold a session on March 6 at 4:00 p.m. to determine the further measure of restraint for Ballo depending on whether his bail is paid.

Earlier, the Interior Ministry told RIA Novosti that the Moscow Police Investigative Department initiated a criminal case against Ballo for loan fraud on March 1. The maximum punishment is up to 10 years in prison.

"Ballo, who is a suspect in the case, may be released on a 5 million ruble ($170.670) bail. The other two suspects in the case -- the co-founder and director of the firm that obtained the loan -- have been released on their own recognizance," the source said.

The department said Ballo 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.