$10 million how would you do it?

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DataCraft

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#34340 21-May-2009 15:21

Im not going to say 'Leo' and girlfriend are smart - but they did manage to leave the country with $10 million of Westpacs money.

I guess you could withdraw as much as possible then sail a boat up to the islands. Going through the airport would be too risky.

Hypothetically how would you do it?

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#216702 21-May-2009 15:33

well yeah that was interesting reading, but yeah how they managed to do it in the first place ... mind boggles, inside job?

freitasm

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#216705 21-May-2009 15:39

Withdrawal $10 million would be really, really suspicious. I guess they wouldn't have much time to act, but once decided perhaps transferring a large payment via wire would be the quickest way out?

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riahon

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#216718 21-May-2009 16:11

I would question - "How COULD you do it?". I doubt I could sleep ever if I knew mr plod was waiting around the corner.

garvani

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#216724 21-May-2009 16:22

Well you would want to setup an account in the canary islands or some offshore account asap.. wire it there before westpac realise they added a couple extra 000's to your overdraft.. then high tail it out of the country..

They haven't released the time frame this all happened in, they may have had the money for a week before westpac found the indiscrepancy.. i can only imagine how that conversation went as they went through the records, then found that the legends had withdrawn the lot and fled the country.. good stuff

vexxxboy

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#216748 21-May-2009 17:28

hes had nearly 2 weeks head start on westpac , he left the country on the 7th, the day after closing the service station which is just round the corner from me and is my local i filled up day before it closed . he probably had a bank account in his home country used the internet to transfer the money and was gone

Common sense is not as common as you think.

Dratsab

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#216756 21-May-2009 17:59

Amazing that a transfer of such a large amount of money (even if it was divided into smaller blocks) could occur without any checks or balances!

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ZollyMonsta

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#216769 21-May-2009 18:49

I will just continue to hope we win Powerball..

If the banking mistake happened to me I would first go to the Media, then inform the bank so they could get the money back (and hope for a sizeable reward for honesty).

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DataCraft

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#216822 21-May-2009 21:19

vexxxboy: hes had nearly 2 weeks head start on westpac , he left the country on the 7th, the day after closing the service station which is just round the corner from me and is my local i filled up day before it closed . he probably had a bank account in his home country used the internet to transfer the money and was gone

What country do you believe they were from?

vexxxboy

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#216825 21-May-2009 21:41

he was Korean,

Common sense is not as common as you think.

johnr

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#216826 21-May-2009 22:02

even the interest would be nice

mjb

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#216827 21-May-2009 22:07

Haha.. I was actually thinking, I'd probably transfer it into my Savings account for a few days, then transfer it back to the account it came into, then let the bank know. If I was lucky, they'd not check the transfers around my account, and then not notice the interest that's paid into my account later in the month :D

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wellygary

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#216832 21-May-2009 22:26

vexxxboy: He probably had a bank account in his home country used the internet to transfer the money and was gone

IF he did use internet banking to send it somewhere then he has been able to drive a big hole through the BS being spun on W/pacs website :)

http://www.westpac.co.nz/olcontent/olcontent.nsf/Content/Online+guardian

bolding mine

estpac Online Guardian fraud detection system
    is used by the Online Banking fraud team
    helps detect and stop fraudulent online transactions
The Westpac Online Guardian
    continually monitors Online Banking for unusual activity
    identifies suspicious transactions
    passes details of suspicious transactions to the Online Banking fraud team for further analysis and customer confirmation if necessary
Our Online Banking fraud team
If you get a phone call from a member of our Online Banking fraud team it's because
    they’re analysing transactions that may look suspicious
    they need confirmation transactions on your accounts have been made or authorised

paulchinnz

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#216834 21-May-2009 22:28

I would make like Winnie and give it to a charity and if someone asks whether I knew it wasn't mine I'll put up a big sign stating: "NO"

Regs

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#216849 21-May-2009 23:22

mjb: Haha.. I was actually thinking, I'd probably transfer it into my Savings account for a few days, then transfer it back to the account it came into, then let the bank know. If I was lucky, they'd not check the transfers around my account, and then not notice the interest that's paid into my account later in the month :D

better to transfer it into the savings account at another bank for a few days, then send the original amount back to your own bank after 'realizing the mistake....'. It would be too easy for them to recover the interest earned if the savings account was at the same bank :)

As for getting 10 mil out of the country? Not a chance. No way a wire transfer would go through without ringing alarm bells. There is little chance of getting it out of a bank as cash either.

Best best for moving it around would be something that looked legit - like a property transaction. Maybe a dummy corporate that sells you the property for 10-20% over market value and slips half the difference back to you after the deal... the bank would then have to take the property instead of the cash, but you'd still be prosecuted for fraud for using the funds in the first place!

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vexxxboy

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#216851 21-May-2009 23:28

seems its not that hard to move money overseas , if its over $250.000 the bank needs two days and it will send it to the country, bank and in the currency that you tell them , could have even used Westpac how would the bank know, the money is in the account it must be yours would be the thinking

Common sense is not as common as you think.

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