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Fraud Investigation - Case History
The Chairman of a leading European bank retained OVAG to investigate the veracity of allegations contained in an anonymous letter relating to one of the bank's investments. Because the Chairman could not obtain access to the premises or any documents without raising suspicion, the investigation would have to be totally covert.
Investigations were subsequently conducted on three continents and established that the matter was far worse than initially indicated. It included fictitious invoicing, kickbacks from suppliers, currency scams and undisclosed material interest in suppliers and businesses occupied and rented by the company. Corruption was widespread and the accepted norm.
Control of the company and its subsidiaries was achieved by total surprise, which included the seizure of documents and simultaneous interviews with senior managers in each of the respective jurisdictions. One key suspect fled the jurisdiction and was traced to Greece where he was interviewed and a negotiated settlement reached in return for his assistance.
Over 26 senior managers and employees were subsequently dismissed and significant financial recoveries were made. |
