.2 million dollar scam

FRAUD Squad detectives yesterday arrested a former employee of the Agricultural Development Bank (ADB) and charged her with 28 counts of fraud, arising out of a report made last month by the  ADB.

The 29-year-old Belmont woman was arrested at her home early yesterday by Fraud Squad officers Sgt Kester McCain and Cpl Charmaine Williams. The 28 charges of obtaining money under false pretences were laid by WPCpl Williams, and Acting Cpls Sheldon Bart and Sarreal Bachoo. After the arrest, attorney Fitzgerald Hinds appeared at the Fraud Squad office on the woman’s behalf. Up to late last night, Hinds was trying to secure her bail. The former ADB clerk is due to appear before a Port-of-Spain magistrate today. According to sources, the woman was responsible for typing cheques at the ADB.  Sources told Newsday that the woman normally sent the cheques for signatures to the relevant authorities.  Most of the cheques were to pay utiliy bills at TSTT, TTEC, SECURICOR and other companies.

Sources said the cheques were then sent back to the woman.  However, she is reported to have erased the payee and put the cheques in the name of the Park Street branch of Royal Bank, where she held an account. The sum for the 28 charges totals $286,238.95 and the offences were reportedly committed during the period May 2001 to November 2002. Some of the figures include $17,219.38, $15,936.17, $15,572.29, $15,319.85 and $14,693.81. The fraud was discovered after Price Waterhouse was called in by the new ADB Board to do an audit.  Sources told Newsday that the scam was so cleverly done that the Auditor General’s Department did not pick it up. The female employee was dismissed and the ADB’s acting Chief Executive Officer Jacqueline Rawlins made a report to the Fraud Squad last month.