Man jailed for tricking banks out of £8m

By Daily Mail Reporter

Last updated at 8:01 AM on 17th November 2009

 

A conman who impersonated bank staff to steal more than £8m was jailed for nine years yesterday.

RBS branch

Fraud: Frageand Naseem posed as an employee of banks such as RBS

Frageand Naseem, 32, used Scottish, Pakistani and other accents to trick staff at banks and international firms into transferring vast sums into his personal accounts.

Armed with just a mobile phone and a library card for ID, the father-of-four spent four years collecting information about banks and their big customers.

Posing as an employee of Royal Bank of Scotland, Barclays or HSBC he would persuade corporations to reveal confidential information.

Croydon Crown Court heard he then contacted banks claiming to be an account holder from companies including Syrian Arab Airlines, the Shinhan Bank in Japan and Bank of Korea.

Using simple persuasion, staff were duped into changing account details and diverting large sums of money into Naseem's accounts in Dubai.

He would call the banks back as soon as he had the money and laugh at them down the phone, the court was told.

He almost succeeded in stealing £106m before the scam unravelled. A total of £8.2m was stolen between June 2005 and March 2006 of which more than £6m is still missing.

Naseem, from Livingston, near Edinburgh, has a five-bedroom house and leased a Range Rover but did not appear to lead a lavish lifestyle. Police suspect he has stashed millions in secret foreign bank accounts.

Naseem admitted five offences of obtaining money transfers by deception. The court heard he had dropped out of a law degree at Dundee University in 2001 before spending time in a psychiatric institution.

 

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