Par Estelle Nguyen
Published on 09/27/2024 at 1:35 p.m.updated on 09/27/2024 at 1:55 p.m.
Kiabi was the victim of a 100 million euro financial fraud orchestrated by his former treasurer. An investigation by the Central Office for the Suppression of Serious Financial Crime (OCRGDF) has been opened…
(Boursier.com) — The French ready-to-wear brand Kiabi was the target of a vast financial fraud, revealed by ‘franceinfo’ this Friday. Around 100 million euros were embezzled by a former treasurer of the company, who left France to settle in Florida, in the United States. The latter is suspected of having usurped the identity of a manager of the company to open a bank account in Europe, to which she allegedly transferred the funds.
The chain of clothing stores, belonging to the Mulliez family, confirmed this information to ‘Figaro’, citing a “sophisticated financial fraud on a large scale” and specifying that “this fraud in no way calls into question the financial solidity of Kiabi and has no impact on maintaining our annual trajectory.”
The fraud came to light when Kiabi tried in July to recover the investment made a year earlier, but was unable to recover the funds. It seems that the technique of “bounce accounts” was used, a method allowing funds to pass through several accounts to confuse their origin…
More than 500,000 euros of jewelry and luxury items
An investigation was opened by the Central Office for the Suppression of Serious Financial Crime (OCRGDF), which quickly named the former treasurer as the main suspect. She was arrested when she got off a private jet at Figari airport, in Corsica, on August 12. During his arrest, more than 500,000 euros in jewelry and luxury items were found in his possession.
The suspect was indicted for “organized gang fraud and money laundering” and placed in pre-trial detention. The investigation continues to clarify the precise mechanisms of this fraud, which represents approximately 4% of Kiabi’s annual turnoverand to determine if other accomplices could be involved in this embezzlement. The group achieved a turnover of 2.2 billion euros in 2023.
The woman, aged 39, used to portray herself on social networks, making it easier for investigators to locate her. It was also revealed that the suspect had previously been sentenced to two years in prison for a previous fraud which resulted in damage of nearly 800,000 euros against another company…
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