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ATM cheat dishes on former lavish lifestyle

By ninemsn staff
|
Air date: Monday, November 3, 2014
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Australia's ATM cheat.

How this man swindled a big bank for more than a million dollars using a secret loophole in the system.

Statement from a NAB spokesman:

"NAB investigated a number of fraudulent transactions undertaken by one individual over a two-month period in 2011.

"Once the fraudulent transactions were confirmed in May 2011, NAB took immediate action to close the relevant accounts and prevent any further fraudulent transactions by the individual.

"NAB also ensured that a similar fraud could not be carried out by any other individual.

"We can confirm that a thorough investigation at the time discovered that this is the only case of this nature detected.

"NAB has fully co-operated with Victoria Police as part of their investigations into this matter.

"All enquiries on this matter should now be directed to Victoria Police.

"Any monies obtained by deception are liable to be repaid under law.

"Financial fraud is a serious crime. As a breach of the Victorian Crimes Act, it carries penalties of up to 10 years in prison.

"NAB's Financial Crime team works with relevant law enforcement authorities to shut down fraud when it occurs and pre-empt new fraud before it occurs."

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