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The 34-year-old woman has been charged with offences including money laundering and participating in a criminal group.
Police say the scam involved two former bank employees using their inside knowledge to steal more than $1 million from a Westpac account.
The woman is in custody after being arrested yesterday afternoon.
Another three people were also arrested over the alleged conspiracy.
Last year, a 30 year-old former Westpac employee and a 57-year-old unemployed Victorian man were charged with a number of offences.
Earlier this week a 36-year-old fruit and vegetable vendor was also taken into custody.
The 34 year-old woman has been refused bail.

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