Fraud Squad probes LATT misappropriation of funds

THE Fraud Squad has officially launched an investigation into the misappropriation of funds discovered at the Law Association of TT (LATT).

This comes following a high court order handed down by Justice Ricky Rahim to freeze the bank accounts of a LATT employee, on Thursday, after the association reported close to $300,000 missing from its accounts over a period of nine months.

On Saturday, Insp Cornelius Samuel of the TTPS Fraud Squad told Sunday Newsday the investigation started on Friday. Asked if police are working with a timeline, he said, "There's never a timeline for an investigation, it's based on how it unfolds. We cant foretell what is going to happen."

After the court order, the association’s president Lynette Seebaran-Suite issued a statement to its members, informing them of the events surrounding the discovery.

LATT said it became aware of the tampering with a cheque issued to a vendor on August 8. As a result, one employee was immediately placed on administrative leave.

A thorough review of recent financial transactions was conducted, unveiling multiple unapproved transfers of funds into an account controlled by an employee.

Taking swift action, the LATT reported the incident to the Fraud Squad and its banking partner, RBC.

A temporary hold was placed on the employee's accounts, and a detailed report was provided to the Fraud Squad on August 9.

The association subsequently obtained an injunction on the same day, freezing the employee's accounts at 11 pm.

A special emergency meeting of the council was convened on August 10, to discuss the situation.

During the meeting, it was resolved to appoint a forensic accountant to conduct a thorough examination of the association's accounts and suggest measures to strengthen internal accounting procedures.

It was also decided to delay making this matter public until the freezing order was implemented. The freezing of accounts was successfully executed at approximately 9.15 pm on the same day.

LATT said it is actively monitoring the investigation conducted by the Fraud Squad and will keep members updated on the progress through regular communication.

In the statement, Seebaran-Suite assured members that the council is working tirelessly to address this issue and ensure the continued integrity of the association.

Members of the legal fraternity have since called for a thorough investigation to determine the extent of the misappropriation and to hold those responsible accountable.