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A Swedish Banker helped himself with millions from clients' accounts

Tuesday, 14 May 2013

A bank official on Lidingö outside Stockholm is suspected of stealing nearly Skr12 million from 86 clients.

The man, who is charged with aggravated fraud, worked at Swedbank in Lidingö and in Danderyd outside Stockholm. In interviews, he has explained the transactions and said that he was merely "borrowing" the so called money claimed to be missing.

Stockholm's inner city local paper, Mitti, writes that the banker who had been working at the bank's office in Danderyd for ten years and at Lidingö for six months decided to "borrow" money from clients' accounts.

His "loan" was discovered when the Bank last July received a complaint from a customer who discovered that Skr613,000 had been taken from his account on five different occasions. When Swedbank began investigating the case it was discovered that the banker was the one behind and it was denounced as that he had defrauded 86 customers off about Skr12 million. The fraud operation had been going on for ten months.

The Bank reported the matter to the police where the bank official was fired in connection with the incident and charged with aggravated fraud.

As part of the investigation, the police interviewed the man who should have told how he was borrowing the money instead. He said he has been very interested in gambling as such when his wife inherited some money, he played and lost everything. He found it compelling to find more. So he began to borrow from customers and decided to do so from those he knew had "bad track" in their accounts.

According to Bertil Ellvén, security manager at Swedbank, the banker was well-liked by colleagues and no one had any reason to believe that he had or was stealing money.

The banker had used several different accounts to avoid being detected. He is also said to have established personal accounts in his parents' names without their knowledge, and used it to channel funds there for his own use.

Prosecutor will likely press for up to six years in prison as the customers affected by the theft have had their money refunded.

By Scancomark.com Team

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