THE financial director of a sprawling Malaga-based business group has been arrested for running a massive fraud and embezzlement scheme.
The high-ranking executive abused his position for a period of five years to line his own pocket to the tune of €2.6 million.
Through a combination of tricking colleagues and falsifying documents, he diverted funds into personal and corporate bank accounts, where he served as the sole administrator.
Using a divide and conquer strategy, the accused managed to isolate the top management of the business group from its administrative and accounting divisions.
This enabled him to avoid oversight and redirect company funds to his own needs.
Using his ill-gotten gains, he splashed out on a complete renovation of his luxurious apartment in an upscale residential area.
He also lavished a luxurious lifestyle upon himself and his immediate family, including high-end cars and other property investments.
Investigators have frozen assets worth €1.3 million belonging to the accused.
The finance director was busted when the sole administrator of the conglomerate of companies undercovered his activities and filed a police complaint.
The losses incurred through the fraud have caused a rippling economic effect, hurting the companies’ growth plans and the livelihoods of thousands of direct employees and those who depend on the companies indirectly.
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