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help@frenkels.comAllied Irish Banks was revealed as the victim of a £56 million alleged fraud today as the Serious Fraud Office (SFO) raided 3 London addresses as part of its investigation.
The SFO suspect that other financial institutions may have been deceived by the suspects. The investigation is be carried out with the conjunction of the City of London Police.
The main suspect controlled companies provided with loans from Allied Irish Banks between 2003 and 2007. The guarantees purporting to be from a blue chip property company supporting the loans were fraudulent according to the SFO.
AIB is considering legal action against several parties in respect of its losses.
Forensic accountants will almost certainly play a key role in investigating the fraud and how it came about.