$16 Million Fraud shows it can happen to any one

$16 Million Fraud shows it can happen to any one
Police have detained a public servant who allegedly embezzled $16 million from Queensland Health.

An intensive manhunt for the 36-year-old, ended on 12 December 2011 early in the morning at 3:30am when he was detained outside a unit in New Farm, Brisbane.He is now in custody and is being questioned by police. We are waiting to hear if charges have been laid.

This morning Queensland Police Minister Neil Roberts said that the case was “one of the most significant fraud cases” in Australian history. He said a “substantial proportion” of the money involved had already been recovered but we do not yet know how much.

Queensland Premier Anna Bligh has called together the CEOs of all government departments to a meeting to discuss the implications of the case. She said action will be taken against anyone who failed in their duty.

“In government departments we have a range of checks and balances and in this case it’s clear that some of those checks and balances did not work and have failed,” she said.

“I’m having all of that investigated by external forensic auditors and if there are people who have failed in their duty then action will be taken against them.”

Ms Bligh says there may be lessons to be learnt for other government agencies.

“That’s why I want it investigated … I want to know if anything failed in the checks and balances that are there in the system.

“We are still having this investigated by the police but if anyone has failed in their duty then action will be taken.”

May be a lesson will be learnt for all businesses too, but protection by specific Fidelity Guarantee or Commercial Crime policies are certainly worth considering.