Canadia CEO Sheds Light on $2.3M Embezzlement Scheme
The four people charged with embezzling more than $2 million from Canadia Bank PLC were able to do so by creating fictitious bank accounts and using fraudulent credit cards to withdraw money from those accounts, the bank’s CEO said Monday, the first time Canadia has commented on the theft since it was reported earlier this month. Canadia CEO Michael Lor said the group, which included two Canadia employees, one of whom was head of the bank’s credit department, had created fictitious accounts with high credit limits by inventing fake customers and signing for the accounts and withdrawals. They then used credit cards to withdraw between $2.3 million and $2.5 million over a period of six months, with the larger transactions taking place during the last three months of the scam. “They created around five fake accounts and input a limit on those accounts. They were able to do this because they were Canadia employees,” Mr. Lor said in an interview at the bank’s headquarters in Phnom Penh. In early October, the two former employees, Yeth Sopheaktra, 30, and Leng Suntry, were arrested and charged for their roles in the scam, as well as Ms. Sopheaktra’s boyfriend, Sun Saonin, 33, and her mother, Chak Kimheng, 59. The incident has been described as the largest fraud case to hit Cambodia’s banking sector. …
Joshua Wilwohl
http://www.cambodiadaily.com/business/canadia-ceo-sheds-light-on-2-3m-embezzlement-scheme-45660/
