Forensic Accounting for Banks

Team of Riskpro was hired by a bank, to conduct the forensic accounting work for a remotely located branch.

In a small branch of big bank advances shot up 100% in a particular year. Loan portfolio contained bill discounted. The perpetrator of the fraud in collusion with the branch manager opened 36 different Inland Letter of Credit and Bill discounted. The bills were raised on one party by other and circular reference was never completed. Every company had different management but the fraud was unearthed when the Demand Draft of three parties was collected by a single person