CBA v Saleh [2007] NSWSC 903

In this case the CBA was defrauded of $7 million dollars. These proceedings were brought against the various participants in the fraud and sought to claw back the money through the doctrine of tracing.

Due to the sophistication of the fraud including the acting carried out by the participants in the fraud – which compares favourable with a Hollywood movie no lender can afford to continue operating unless their underwriting staff read this judgement. In particular paragraphs 49 – 176 which is the account of the fraud from bank officer’s perspective.

The fraud included the following elements:

  • A accountant who participated in the fraud using his cut of the loot to take his family on a Haj. He claimed complete ignorance but the bank got orders to image his computer hard disk and in the deep memory of the computer the truth was revealed.
  • Reams of St George bank statements that were completely fabricated.
  • A fictitious business with a fake turnover of $20 million
  • Fictitious purchase with fictitious deposit of $10 million paid
  • Fake trips to China to delay discovery of the fraud
  • $1.6 million transferred to Lebanon
  • A warehouse filled with fake stock
  • A computer loaded with MYOB upon which two years of fake transactions were recorded
  • Fake patents owned by the company

Click here to read the full judgment

Scroll to Top