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Contractor gets four-year jail term for defrauding bank of over £2 million

Contractor gets four-year jail term for defrauding bank of over £2 million

A contractor who worked for a major UK bank has been sentenced to four years in prison after he successfully diverted over £2 million of the bank's money into his own account.

Michael Grant, a former contractor working for a bank as a senior market data administrator and financial analyst, pleaded guilty to fraud by abuse of position under the Fraud Act 2006. Grant redirected £2,260,729.09 in refunds from service providers meant for the bank he was employed by, into his own external business account.

The bank became suspicious of Grant after a document was found on a printer in his office which appeared to have been altered, falsely showing that Grant’s business account was part of the bank at which he was employed.

An investigation conducted by the bank and the Dedicated Card and Payment Crime Unit (DCPCU) established that in the offending period Grant successfully diverted funds relating to one hundred refund payments into his business account.

Detective Inspector Kate Duff, at the DCPCU says: “Michael Grant acted with dishonesty and abused the position of trust that his employer had given him. The extent of the losses show he only acted in the interest of himself, without any regard for the detrimental ramifications of the bank, his employer."

The identity of the bank was not disclosed.

Comments: (1)

A Finextra member
A Finextra member 07 November, 2023, 12:50Be the first to give this comment the thumbs up 0 likes

Why is the bank not named?