Rajina Subramaniam, the senior accountant of ING Group, was found guilty of numerous personal transactions and lavish spending of around $45 million in five years.
In 2009, the global financial institution of Dutch origin, ING Group, faced a loss of around $45 million due to the personal greed of Rajina Subramaniam, the senior accountant of the multinational company. From 2004, she has been reported guilty of numerous transactions to her personal accounts, friend’s accounts, and even to sales associates of Paspaley, a jewelry store she frequents. While sustaining “VIP status” at Chanel, Paspaley, Bulgari, and so forth, she has given away a few million dollars to help out the sales associates she has acquired at these brands. Being labelled as a wealthy customer, she has also invested into real estates, offering to pay at a higher market price.
Although not categorized as a prevailing world issue, financial fraud cases are, at times, unavoidable problems that may happen to every entrepreneur. Although still going strong, ING Group may have suffered with trust issues from customers, many unpleased with Subramaniam’s claims that her manager was not “very interested” in his job, therefore lacked in surveillance. Just by word of mouth, their reputation as a financial insurance company in the global community could have been damaged. Companies must exercise careful screening of financial candidates before hiring them.
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