Financial director linked to companies with offices in Malaga arrested for 2.6-million-euro fraud

A financial director has been arrested in Malaga province for allegedly diverting 2,600,000 euros into various personal bank accounts over a five-year period.

The finance branch of the National Police force was in charge of investigating a complaint filed by the administrator of a conglomerate of companies with registered offices in Malaga.

In it, the financial director was accused of mishandling 2,600,000 euros. Officers then verified that since 2017, the man had been taking advantage of his management position in the financial department of the business group. "He managed to isolate the top management of the administrative and accounting part of the business and regularly diverted funds for his own personal gain," investigators said.

The man made real estate investments, owned high-end vehicles and enjoyed a very high standard of living for himself and his family, according to investigators.

While investigating the assets of the arrested man police discovered that they were worth much more than the remuneration he received for his financial services.

Police seized bank documents proving the alleged offences, laptops, mobile phones, electronic storage devices, two luxury vehicles, cash, and immoblised the man's bank accounts which amounted to 1,300,000 euros.

The man is being detained by order of the Magistrate's Court in Malaga.