Bank manager allegedly misappropriates $1.7m, uses it to repay loans and fund gambling habits of woman

Two women will be charged in court on Wednesday (July 1) for their alleged involvement in multiple offences, including the misappropriation of $1.7 million in bank funds to gamble and repay loans.

In a press release on Tuesday, the police said that one of the women, 65, had allegedly misappropriated cash from her bank's vault while employed as a branch manager.

Police investigations found that the former branch manager misappropriated a total sum of $1,729,000 from the vault between May 2021 and Aug 29, 2022.

To avoid detection, the woman falsified the cash book records of the bank on at least 206 occasions.

Further investigations by the police found that a majority of the misappropriated funds were given to the other accused, a 36-year-old woman, who used it to gamble at local casinos and on illegal remote gambling platforms. 

Between December 2021 and September 2022, the younger woman cashed in a total sum of $1,521,509 at the local casinos and transferred a total of $790,106 to various third-party bank accounts for the purposes of remote gambling.

Additionally, the former branch manager cashed in a total of $42,405 at a local casino.

She will be charged with two amalgamated counts of criminal breach of trust by an employee, two amalgamated counts of falsification of accounts, three amalgamated counts for transferring the benefits of criminal conduct and one amalgamated count for using the benefits of criminal conduct. 

If convicted of criminal breach of trust, she faces a maximum jail term of 15 years and a fine.

The younger woman will be charged with three amalgamated counts for using the benefits of criminal conduct and one amalgamated count of illegal remote gambling.

"The police take a firm stance against criminal breach of trust offences, particularly those committed by persons in positions of trust and authority," said the police, adding that they will not hesitate to act against those who abuse their position for personal gain, as well as individuals who assist them in such criminal activities.

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