Sly1
09-12-2010, 12:57 PM
An attempt by a person or persons at State-owned Urban Development Company of Trinidad and Tobago (Udecott) to defraud the company of US $6 million (approximately TT $38 million) was foiled on Monday September 6 after questions were raised by the First Citizens Bank.
Officers of the Anti-Corruption Investigations Bureau (ACIB) were called in and the matter is being thoroughly investigated. So far two signatories to the wire transfer who are senior managers at Udecott have claimed that they know nothing about authorising this transaction. Yesterday Attorney General Anand Ramlogan confirmed that he had submitted a request to the ACIB to probe the attempt to defraud Udecott
According to police sources on Monday September 6, Richard Freeman Executive Manager Legal and Regulatory Services at Udecott received a call from First Citizens Bank asking him if he was aware of a wire transfer of US6,232,650 to Hong Kong and Shanghai Banking Corporation for the benefit of Putuo Ocean Fortune Limited which is located in Shanghai, China. Freeman reportedly told the bank that based on his own checks Udecott did not have any financial or business dealing with this company and any wire transfer would be deemed illegal. The fraudulent document now in the hands of the police which authorised the wire transfer has the fax number of Udecott and bore Freeman’s signature as well as that of another manager. The documents which were obtained by Sunday Newsday revealed the account number of the recipient of the funds as A/C#400-4679763-88.
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I wonder where this will lead?
Officers of the Anti-Corruption Investigations Bureau (ACIB) were called in and the matter is being thoroughly investigated. So far two signatories to the wire transfer who are senior managers at Udecott have claimed that they know nothing about authorising this transaction. Yesterday Attorney General Anand Ramlogan confirmed that he had submitted a request to the ACIB to probe the attempt to defraud Udecott
According to police sources on Monday September 6, Richard Freeman Executive Manager Legal and Regulatory Services at Udecott received a call from First Citizens Bank asking him if he was aware of a wire transfer of US6,232,650 to Hong Kong and Shanghai Banking Corporation for the benefit of Putuo Ocean Fortune Limited which is located in Shanghai, China. Freeman reportedly told the bank that based on his own checks Udecott did not have any financial or business dealing with this company and any wire transfer would be deemed illegal. The fraudulent document now in the hands of the police which authorised the wire transfer has the fax number of Udecott and bore Freeman’s signature as well as that of another manager. The documents which were obtained by Sunday Newsday revealed the account number of the recipient of the funds as A/C#400-4679763-88.
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I wonder where this will lead?