Financial Crime World

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Fiji Financial Intelligence Unit Uncovers $400,000 Internet Banking Fraud at Bank A

A recent report by the Fiji Financial Intelligence Unit (FIU) has revealed a massive internet banking fraud scheme worth $400,000 at Bank A in South Africa.

Investigation Findings

According to the FIU’s strategic analysis report 2016, two individuals, Person K and Person L, were identified as suspects involved in the scam. The duo allegedly engaged a local accounting firm in Fiji to assist with opening a bank account for their company, J, with a commercial bank in Fiji.

Events Timeline

  • November 20, 2015: Person K and Person L engage local accounting firm in Fiji to assist with opening bank account for company J.
  • February 5, 2016: Account is opened at commercial bank in Fiji, but closed two days later due to insufficient documentation.
  • February 19, 2016: Person K reopens account at another local bank.
  • March 7, 2016: FIU issues case report to foreign FIU for further investigation.

Possible Offences

• Money Laundering • Fraud • Obtaining financial advantage through deception • General Dishonesty

Indicators of Suspicious Activity

• Use of accountant as gatekeeper to facilitate alleged layering of funds • Occupation of investors unclear • Intent to defraud authorities based on false documentation • Large telegraphic transfers not commensurate with occupation • Movement of funds between local bank accounts

Fiji Financial Intelligence Unit Uncovered Two More Cases of Fraud

In related news, the Fiji Financial Intelligence Unit (FIU) has also uncovered two more cases of fraud in the country.

Case 1: Falsified Airline Tickets

The first case involves a 53-year-old Asian businessman, Person N, who allegedly falsified airline tickets to obtain financial gain. The suspect and his associate, Person V, were charged with general dishonesty and remanded by the Magistrates Court.

Case 2: Large Telegraphic Transfers

The second case involves a 53-year-old housewife, Person M, who reportedly sent large telegraphic transfers from her bank account in Australia to her local bank account in Fiji. She then withdrew FJ$560,000 and deposited it into another bank account.

FIU Investigation

The FIU suspects that Person M may be layering funds originating from Country P, and has issued a report to the relevant foreign FIU for further profiling.