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Scam­mers have conned the Cana­di­an Im­pe­r­i­al Bank of Com­merce (CIBC) Caribbean’s T&T op­er­a­tions of mil­lions of dol­lars, po­lice con­firmed yes­ter­day.

Po­lice re­vealed that in June, the man­ag­ing di­rec­tor of CIBC Caribbean re­port­ed that he was au­tho­rised to trans­fer $14,811,094.06 from the bank’s sus­pense pro­cess­ing ac­count to oth­er ex­ter­nal ac­counts.

A sus­pense pro­cess­ing ac­count is de­scribed as a tem­po­rary hold­ing area for cash that can­not be clas­si­fied or prop­er­ly un­der­stood by a bank’s ac­count­ing sys­tem.