A Commonwealth Bank official accused of embezzling $ 3.75 million in cocaine and luxury goods has been fined more than a decade after the CBA is evident of failing to report a suspected crime.
Investigation Of The Fraud
Victoria Police’s Fraud and Extortion Squad has confirmed that George Vrettakos faces three counts of money laundering for fraudulently using a fake cell phone loan program he allegedly leaked between 2008 and 2009.
The police investigation began in mid-2018 after The Age and The Sydney Morning Herald revealed that the Commonwealth Bank had failed to report the allegations to the authorities. Instead, the bank quietly fired Mr Vrettakos and tried to force him to pay the money in 2010.
The bank made the controversial decision even though Mr Vrettakos had already made a confession at the CBA about the theft and promised to provide details affecting other employees.
George Vrettakos’ Statement
“I am not a rat and I have never spoken. But I’m not going to sit there and handle it because, yes, I made a mistake, but it wasn’t me alone. I was taught how to do it, ”Mr Vrettakos said in an interview with the bank’s security department.
“If we want to talk more deeply, there are a hundred witnesses to the things that were done, and the things that were eaten, the things that were drunk, the things that were sniffed out.”
After being released by the CBA in 2010, Mr Vrettakos continued to hold other positions in the field of financial services with firms unaware of his background. He now works as a general manager for debt collection company eCollect.
In a recorded interview with CBA investigators, the 30-year-old at the time described the relief that was curtailed by the bank’s plans to generate false loan statistics and create fake accounts linked to real estate assets.
Where Was The Money Spent?
He said the money was spent completely in less than two years living a luxurious life, paying off debts and buying lavish lifestyle enabling and luxury goods which included real estate and properties.
“We had good lunch times. We had good wine. We missed coke – a lot. We met a lot of girls. That’s what I got from them. Stupid.”
The CBA did not report Mr Vrettakos ’wrongdoing or apparently pursued his claims regarding other misconduct within the 2010 lending phase.
Ok Instead, the bank obtained a public court order freezing Mr Vrettakos’ assets and was forced to sign an agreement in which he agreed to pay $ 2 million for the alleged theft. The CBA did not report Mr. Vrettakos to law enforcement officials or failed to transact.
