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Indian origin lady accountant's fraud cost Oz firm 30 million dollar loss

Sydney, Thu, 16 Feb 2012 ANI

Sydney, Feb 16(ANI): A senior accountant from Indian origin, Rajina Subramaniam, has caused multinational insurance and finance company ING a net loss of 30 million dollars, court documents have revealed


Subramaniam was sentenced to at least seven years' in jail last week. She worked with ING Australia Holdings.


The files released have revealed that the company could recover only a third of the 45.3 million dollars of the amount Subramaniam stole over five years.


Most of the luxury goods and property purchased by Subramaniam with the stolen money has been recovered, which includes 16 million dollars worth of Paspaley Pearls jewellery and eight waterfront apartments.


The company has resold recovered property and luxury goods, but has still suffered a sizeable loss.


The probability of recovering the full cost of those items is almost zilch, according to the documents tendered by the prosecution. This is due to the fact that Subramaniam paid well above market rates for the properties she purchased.


"There is no realistic possibility that the full cost of those items can be fully recovered," The Sydney Morning Herald quoted from the documents tendered by the prosecution.


The court documents also reveals a dim picture of the internal protection at the section ING Australia Holding, where Subramaniam used to work.


"My manager is so slack, he didn't care, so I was sort of doing it to see when I would get caught [but] you know, he just left it open for me," Subramaniam said during her interrogation with the police, shortly after getting arrested.


She said that her manager, who couldn't be named, used to come at 10 am and was least interested in the job, and this encouraged her to commit the fraud.


An ING spokeswoman said the case was an exceptional event of scam, which involved a trusted long-time employee (ANI)


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