Company lost millions to alleged fraud: Winnipeg police
A 42-year-old man is facing a slew of fraud-related charges after police say the company he worked for lost over $4 million.
CTV has confirmed the company involved is Litz Crane & Rigging.
Police said while the man was working as chief financial officer, he allegedly used his position and a number of “deceptive strategies” to convert the company’s money for his own personal benefit. According to police, between 2012 and 2017, the company lost over $4 million.
On Jan. 24 the police’s financial crime unit, searched a home in East St. Paul, and seized financial documents and luxury items, such as jewelry, clothes, electronics and cars.
This same day, the man was arrested at a Winnipeg business.
"The company is pleased an arrest has been made, but cannot comment further as the matter is in court," a lawyer representing Litz, Catherine Howden, told CTV News.
Sgt. Shaun Veldman with the Winnipeg Police Service financial crime unit said it isn’t uncommon for employees to steal from employers, but the amount alleged to have been taken in this case is rare.
He said the investigation took place over the course of about a year, and evidence was gathered evidence through internal business records, banking and other documents.
Peter Ramdath, 42, is charged with a number of offences, including theft over $5000, falsification of books and documents, two counts of fraud over $5000 and laundering proceeds of crime.
He is in custody.
-With files from CTV's Stephanie Tsicos