Cops say arrests imminent in TSTT $4.7M fraud attempt

Officers of the Fraud Squad investigating the attempt to process three illegal wire transfers amounting to $4.7 million said yesterday that arrests were imminent.

Officers have been able to ascertain that several more illegal wire transfers were made without being detected and they feel that a group of persons is responsible for defrauding the company of millions of dollars. Newsday learned that officers have been able to make a major breakthrough in the investigation since they have been able to ascertain where the attempted illegal wire transfers were made and who might have had access to the facilities to make such transfers. Several employees of a bank are also expected to be quizzed in connection with the scam. Last weekend, 21 TSTT employees were questioned by Fraud Squad officers  in connection with an attempt to effect the illegal transfers through company bankers. Fraud Squad officers said yesterday that the employees were questioned following a report made last Friday to the police by TSTT. The report, lodged with the police, involved the attempt to process three illegal wire transfers amounting to $4.7 million. The transfers were discovered by the Company’s finance personnel on Friday, and stopped before they could be effected.

A senior TSTT official told Newsday that police were pursuing the matter and the company could not divulge more on the investigation because it was now at a very sensitive stage. Newsday learned that the employees who were quizzed about the attempted illegal acting were also questioned about their role in recent kidnappings throughout the country. Fraud Squad officers said yesterday that they were vigorously pursuing the investigation along certain lines and they were hopeful of making a breakthrough shortly. Officers claimed that they intended to further question a few employees who were already quizzed over the weekend. They added that based on information received, TSTT may have been defrauded in the past through illegal wire transfers and an expert in this field may be called in to assist in the investigation. Last year the police were called in to probe a $420 million fraud at TSTT. TSTT is the sole licensed provider of telephone services in Trinidad and Tobago. The company is jointly owned by the Government, which owns 51 percent, and Cable and Wireless, which own 49 percent.