ING
insurance and banking group has lost about 20.5 million euros from a massive
fraud committed by one of its own accountants in Australia.
Court
documents released last week after Fajina Subramaniam was sentenced to seven
years in prison revealed the 42-year-old woman had stolen 37 million euros from
the bank over a period of five years.
As a senior
accountant, Subramaniam made 200 illegal transfers into her personal accounts
or directly to shops and real estate agents. She then used the computer log-ins
of former staff to delete the records or change them so the transactions
appeared legitimate.
Above
market price
The
employee started to enjoy a life of luxury with expensive jewelry and various
waterfront apartments. While ING has recovered most of the haul of luxury goods
and property, the bank has still taken a substantial hit as Subramaniam paid
above market rates for the real estate she bought.
She
developed a personal relationship with staff from the super luxury Paspaley
jeweller's and was reportedly wined and dined on a regular basis.
The court
documents also highlighted the poor levels of internal security at the section
of ING where Subramaniam worked, ING Australia Holdings.
Related Article:
0 comments:
Post a Comment