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Devious former VP of finance jailed for £800k fraud

Monday 26th June, 2017

A former vice president of an asset management company who stole more than £800,000 from his employer has been jailed for five-and-a-half years.

He was employed by First International Group as Vice President of Finance from 2010 to 2014.

The offences are believed to have started only a year after he joined in 2011 and continued until he was investigated in 2014, the fraud resulted in a loss to the company of £818,702.

An internal audit revealed he had made unauthorised payments into his own personal bank account by creating fake invoices or by making direct transfers unsupported by invoices.

He had responsibility for posting the company's accounts online and entered false details to hide the payments.

The investigation revealed that he used a former employee's banking fob to ensure he was able to bypass the company's internal finance controls, which required two counter signatories.

Detective Constable Ingrid Schuetterle, of the Met's Fraud and Linked Crime Online (FALCON) Unit, said: "Jain abused his position of trust as the chief financial officer of an asset management company to steal a substantial amount of money."

"He used his knowledge of the company's accounting system to hide his fraudulent activity. Jain has shown no remorse for his actions and it is clear that he would have continued to steal money unless he had been caught and prosecuted."

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