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(Jun-2005): Police investigate $1.6m rollover cheque fraud
Fraudsters in early May struck a superannuation fund linked to the NSW coal industry by stealing rollover cheques worth around $1.6 million.
The fraud was perpetrated against Auscoal Superannuation which had the cheques stolen from its post office box at Warners Bay.
According to a spokesman for Auscoal, the perpetrators registered a business with the Australian Securities and Investments Commission with a name similar to that previously used by the fund and established a bank account using what are believed to have been false documents and stolen identities.
It is understood that the around 100 cheques were obtained by the fraudsters involving $1.6 million with $640,000 being frozen in the account once the crime was detected. $950,000 remains unaccounted for.
A spokesman for the fund said that the fraud was believed to have taken place in a two-week period earlier this month and that the fund and the police were investigating how the fraudsters had gained access to the cheques which had been specifically addressed to Auscoal.
Once the cheques had been cleared, the funds were diverted to other accounts - something which is being investigated by police and bank officials.
He said that while some reports had suggested that the members affected were solely based in the Hunter Valley, the fraud had in fact affected members from elsewhere in the coal industry, including Queensland.
The spokesman said that there was absolutely no suggestion that any employee of Auscoal had been involved in the fraud and that members needed to be assured that the funds were diverted before they came under the fund's control.
"Auscoal would like to reassure members and other organisations whose funds have been illegally diverted in this way that the organisation will do all in its power to recover these funds," he said.
AUTHOR
Mike Taylor
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