A contractor who worked for a major UK bank has been sentenced to four years in prison after successfully diverting over £2 million of the bank’s funds into his personal account.
Michael Grant, a former senior market data administrator and financial analyst for the bank, pleaded guilty to fraud by abuse of position under the Fraud Act 2006. He redirected £2,260,729.09 in refunds from service providers, meant for the bank, to his external business account.
Suspicion arose when a document found on a printer in Grant’s office appeared altered, falsely indicating that his business account was associated with the bank. An investigation by the bank and the Dedicated Card and Payment Crime Unit (DCPCU) revealed that Grant had successfully diverted funds from one hundred refund payments into his account during the relevant period.
Detective Inspector Kate Duff of the DCPCU stated, “Michael Grant acted with dishonesty and abused the position of trust that his employer had given him. The extent of the losses shows he only acted in his own interest, without regard for the detrimental ramifications for the bank and his employer.” The identity of the bank has not been disclosed.