Valencia's municipal transport company suffers CEO fraud

The managing director of the EMT (Empresa Municipal de Transportes, municipal transport company) of Valencia, Josep Enric García Alemany, has reported the complaint filed with the National Police Corps from Spain for an alleged fraud of 4 million euros, which involves the head of the area of administration of the company.

The head of administration transferred, during the month of September, €4 million to a bank account in Hong Kong, believing that he was participating in a confidential operation of the EMT, when in fact he was being a victim of the so-called CEO fraud.

The managing director has stated that the National Police Corps from Spain is continuing its investigation to clarify the facts and has stressed that they are working to recover all that has been defrauded.