(Trinidad Express) – Police are investigating a million-dollar cyber heist in which US$247,500 (TT$1.7 million) of taxpayers’ money was stolen via a wire transfer conducted by Lake Asphalt of Trinidad and Tobago (LATT).
In response to questions from the Sunday Express, the Trinidad and Tobago Police Service (TTPS) stated that an investigation has been launched into a report that US$247,500 was wire-transferred by Lake Asphalt of Trinidad and Tobago 1978 Ltd to a bitumen supplier which never received the funds.
The TTPS stated the report was made on October 29, 2020, by the financial manager at Lake Asphalt, Ayanna Bertrand.
“She reported the company wire-transferred the sum of US$247,500 to a bitumen supplier via an e-mail address provided. However, the bitumen supplier informed Lake Asphalt that the company never received the funds that were wire-transferred,” stated the TTPS.
“Upon revisiting the payment instructions received and in collaboration with the bitumen supplier, it was discovered that the e-mail address provided may have been hacked and, as such, they noted that the change of characteristics was altered,” the TTPS added.
The TTPS stated that acting corporal Kisson-singh of the Fraud Squad commenced enquiries and has obtained statements, invoices, banking information and e-mail communication between the parties.
“The Cyber Crime Unit of the TTPS was consulted and is assisting in this enquiry. Further interviews are to be conducted with personnel from Lake Asphalt and the requisite financial institutions,” stated the TTPS.
The matter is being investigated by Kissonsingh under the Computer Misuse Act, the TTPS said.
CEO responds
Lake Asphalt’s chief executive officer, Roger Wiggins, told the Sunday Express yesterday he hopes the perpetrators are found and brought to justice.
In a telephone interview, Wiggins said he does not believe the culprits are in Lake Asphalt, and express-ed hope that the police investigation would yield results.
“We are in discussions with the police and they would have informed us that it doesn’t seem to be inside. The perpetrators or the criminal seem to be some sort of network that’s doing this to more than one company locally and internationally,” he said.
“We have put controls in place for there not to be a re-occurrence, and we are working with the different agencies,” he added.
He said the criminals hacked into both Lake Asphalt and the supplier.
“What they were able to do is to manipulate the system to be a change, like the address. We would go through our bankers and all of that. So what they were able to do is to intercept between the two companies. We and the supplier were intercepted,” he said.
He said when the bitumen supplier was unable to confirm payment, the company realised something was wrong.
“They (bitumen supplier) would have informed us that they did not receive the payment,” he said.
Had to pay again
Asked about the payment to the bitumen supplier and whether another US$247,500 had to be paid to the supplier, Wiggins said: “We did need the product so, yes, we had to source additional money to satisfy the transactions.”
He said Lake Asphalt continues to work with the police, who would question staff members.
“I hope it is traceable and corrected and that the perpetrators be brought to justice,” he said.
Wiggins said any money stolen is a cause for concern.
“Any sort of money, whether it is one dollar, any business transaction that didn’t satisfy the needs of the organisation will be reason for concern. So, that’s why we are working with the different stakeholders for corrective action.
“Any money that is spent, whether it is fraud or some transaction that didn’t allow us to receive the quantities, is reason for concern,” he said.