An educational trust that runs three academies in south-east London was the victim of a £2 million fraud, it has been revealed.
The Haberdashers’ Aske’s Federation Trust, which has schools in New Cross, Bromley and Crayford, was the target of a "sophisticated" fraud that lasted over several years and saw the perpetrator take money by making a number small transactions during that time period.
The fraud was first discovered in October 2012 when an end of year financial statement stated that nearly £2 million had been lost due to "unauthorised transfers" during 2011 and 2012.
According to the report, £1,047,788 had been taken away in 2011 with a further £924,316 lost in 2012.
Following the discovery, the Trust contacted both the police and the Department for Education.
A member of staff working for the Trust’s schools, which include Hatcham College, in New Cross; Knights Academy, in Bromley and the Crayford Academy, in Crayford, was then suspended and after an investigation dismissed.
A successful civil case was launched against the employee and the Haberdashers' Aske's Federation Trust is now trying to retrieve its lost assets.
The 55-year-old man who was arrested in 2012 is currently on bail and enquiries are ongoing, Scotland Yard said.
In a statement, the federation said: "It appears that the fraud was extremely sophisticated and involved the theft of a substantial amount of money effected through a large number of transactions processed over seven years, and involved one individual staff member in a position of trust acting alone."Reuse content