The optics giant has managed to find some of these funds, but $ 100 million has not yet been recovered.
The optics giant EssilorLuxottica filed a complaint against the American bank JPMorgan Chase, which accuses it of not having alerted it to fraudulent activities relating to over 270 million dollars stolen for the benefit of front companies.
EssilorLuxottica announced at the end of December 2019 that its subsidiary Essilor International had discovered financial fraud within one of its entities in Thailand, with a financial impact that it then estimated at a maximum of 190 million euros. Between mid-September 2019 and mid-December 2019, Essilor Manufacturing Thailand Co (EMTC), the Thai branch of Essilor, wasvictim of complex fraud orchestrated by international cybercriminals, which resulted in $ 272 million in fraudulent transfersAccording to the complaint filed on Monday, which the AFP consulted on Tuesday. These transfers were made from EMTC’s account, hosted by JPMorgan’s New York branch. EssilorLuxottica has been able to trace some of those funds, but $ 100 million has not yet been recovered, it claims in the lawsuit.
“Very suspicious mechanisms”
JPMorgan has not notified or contacted EMTC or Essilor in front of “very suspicious mechanisms of fraudulent transactions“, Claims the optics giant, even though the bank was aware of a drastic change in the activity on the EMTC account. Essilor specifically cites transactions ranging from $ 15 million to over $ 100 million per month, without JPMorgan asking about these wire transfers, which were made to non-optics companies and were based in regions. banks, often in risky jurisdictions, according to the group.
If the bankif he had done basic research, he would have quickly confirmed that the vast majority of fraudulent wire transfers had been made in favor of fictitious entities“Says the complaint. EssilorLuxottica therefore believes that if JPMorgan had warned it of these red flags, the fraud would have been detected earlier and the financial losses suffered could have been prevented. Contacted by AFP, JPMorgan declined to comment.
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