An ING employee is responsible for one of Australia’s largest individual fraud operations. Over a 5-year period, Subramaniam, a 20-year employee, illegally used company funds to purchase over $45 million of merchandise.
Subramaniam was a senior accounts manager at ING and had access to the company’s online banking system. According to reports, she used two identities to set up transactions, most labelled "management fees."
What does $45 million in management fees get you? According to The Daily Telegraph, the former ING employee had purchased clothing, jewelry, and cosmetics from famous designers, including Chanel, Tiffany, and Armani. She also used the funds to pay for several apartments.
The 5-year shopping spree was foiled in 2009 when Papsley Pearls, another of Subramaniam’s favorite designers, informed ING of a $2.5 million payment from her to buy diamonds.
She was arrested following a police investigation, which found, among other things, 600 pieces of jewelry, 20 pieces of Swarovski crystal, a vintage bottle of Dom Perignon, and Michael Jackson memorabilia, including a signed guitar.
According to court documents, Subramaniam claimed she had been abused in the workplace "and had a lot of revenge and resentment towards ING."
Last month, she pleaded guilty to 26 fraud charges. Her sentencing hearing is in October.
The Daily Telegraph