Detecting and combating financial crime in high-value global industries like oil and gas is challenging due to varying regulatory frameworks across jurisdictions, the complexity of the transactions, and the involvement of multiple stakeholders across the globe. This case study examines major fraud perpetrated by a corrupt individual who used his network of contacts in the oil and gas industry to defraud multiple international banks.
Case background
One of our clients brought us a case where an individual was accused of embezzling and money laundering schemes across the globe. The perpetrator had defrauded multiple banks of over USD $350 million, and the schemes involved multiple parties beyond the companies he owned or managed.
The court-appointed liquidator, backed by a litigation funder, decided to use the Sedra Solutions platform to ingest over 300,000 transactions as part of their financial investigation to uncover suspicious activities. The client’s data included financial transactions extracted from bank statements, credit cards, and Intermediary Bank Discoveries (IBDs) in hundreds of different formats.
The results
Using Sedra Solutions’ advanced features, our team efficiently accessed and analyzed all dataset transactions through our streamlined platform. We were able to trace major money flows between various parties, identifying not only the main parties initially highlighted by the client’s teams but also uncovering additional parties.
As a result, Sedra Solutions quickly discovered an additional 15 bank accounts associated with the perpetrator’s network of companies in various jurisdictions. Because of the complexity of the connections, these insights would have been extremely difficult to identify through traditional methods and would have taken several weeks instead of days. Not only did we save our client a tremendous amount of time and effort, we vastly increased the scope of the case.
You can read the full case study here. Or just contact us to start a conversation about how we can help your firm streamline financial investigations.