Helping investigate multi-million euros financial fraud

A Romanian businessman put on scene a banking fraudulent scheme that involve multi-million euros loans and other financial instruments to sustain his business.

Over an accelerated 30-day period – a highly abbreviated schedule, especially given the need to conduct forensic accounting and analysis of nearly three terabytes of unstructured data – the Infoprimus Global Security criminal investigative team uncovered evidence that (1) proved a crime had been committed; (2) showed how the criminal acts had been carried out; and (3) identified the specific criminal activity and responsibilities of each person associated with this case.

The unusually complex Ponzi-related scheme involved potential fraud losses of more than Euros 200 million that, over many years, consisted of complicated undetected methods of misusing and misdirecting funds, overstating revenues, understating expenses, overstating the value of corporate assets and underreporting liabilities sometimes with the cooperation of regulatory officials. The crimes included money laundering, bank fraud, accounting fraud, embezzlement, rogue trading and the likely abuse of regulatory oversight responsibilities and powers.

The information and evidence provided in the Infoprimus final case report has allowed the government’s prosecutors to begin criminal proceedings against the individuals responsible. At the same time, Infoprimus’s findings have permitted the government and financial institutions impacted by the losses to

(1) mount an aggressive campaign to track and recover the diverted assets, and

(2) begin immediately establishing a more robust set of controls and critical process improvements necessary to reduce the likelihood of this scheme recurring in the future.