The Shell Game – Follow the Money

Now you see it… now you don’t. Money can be moved instantaneously and buried in places that can’t be easily tracked with fraudsters going to a great deal of trouble to cover their tracks. Modern day fraud has become a highly sophisticated endeavour and is reported to be on the rise.

Despite the sophistication of international fraudsters, forensic accountants and fraud investigators and the computer specialists they work with are close on their heels. Using a combination of good intelligence and the element of surprise, Receivers, with their team of investigators, can often help to track hidden assets and recover funds. For instance, in situations where fraud is identified and there is an urgent need to preserve assets, affected parties can apply to Court for the appointment of a Receiver.

There are also other extraordinary legal remedies that can be used to outplay the fraudsters. These include:

  • Norwich Pharmacal Order, which is used to oblige banks to disclose relevant bank records without alerting the account holder
  • Mareva Injunction, which compels defendants to make full disclosure of their assets and allows for the freezing of worldwide assets
  • Anton Piller Order, which authorizes entry onto a defendant’s premises to search for and secure property and evidence, and
  • Letters Rogatory, which allow a court in one country to request the assistance from the appropriate judicial authorities in another country.

For more refer to full article New Directions in Fraud Investigations by Allan Nackan and Jonathan Cooperman [Published in Secured Lender, December 2006]

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