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.
 

(jn)

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