Internal Fraud

About This Project

COMPANY

Multinational FMCG Manufacturer

DURATION

10 days

PROJECT

Coercive internal fraud in procurement process involving a staff member in the Finance and Procurement departments.  A small syndicate of internal staff manipulated the SAP system and fraudulently paid vendor invoices into their own accounts.  Vendors got paid twice, a payment got reversed and a third payment got made to a similar looking vendor account (with fraudulent bank account details) using signed off documentation from correct vendor.  When the third double payment got queried, the signed off reversal documents of the second payment was produced as proof that the double payment was in fact corrected.

RESULT

A forensic analysis delivered fraudulent payments totalling US$835 000 of which US$348 000 was recovered.  A further full multiyear forensic audit by auditing firm was commissioned.

VALUE USD

$  835 866.26

Category
GapsResolved