Multimillion-dollar fraud probe rocks Knox Community College

Sources close to Knox Community College say they are upset and disgraced over an alleged fraud scheme that has swindled the Spalding-based institution out of tens of millions of dollars.

A multipronged investigation has been launched into the matter.

The community college, in a statement issued Wednesday, said that irregularities involving the falsification of a number of cheques issued by the college were recently discovered.

‘’The discovery was prompted by a recent call from our bankers seeking to verify three cheques presented to them on the day; three cheques with numbers coinciding with ones issued by the college but apparently altered to reflect greater amounts,” said the statement dated January 17, 2023, bearing the name of the school’s principal, Dr Davia Ramgeet.

When contacted by The Gleaner late Wednesday, Ramgeet said she had no further comment.

The release continued, stating that following subsequent internal assessments, it was revealed that other cheques had been paid previously. The college said the matter has been reported to the relevant agencies including the Ministry of Education and the Youth and the National Commercial Bank Fraud Prevention Unit.

A Gleaner source contends that the information was only made public because donors and well-placed affiliates of the institution are livid about the findings.

“The matter is now on full investigation by the relevant authorities, and in the meantime, several staff of the accounts department have been placed on administrative leave. Contingency measures have been put in place to ensure business continuity,” the institution’s statement concluded.

While the statement did not give details on the sums reportedly defrauded, another well-placed source told The Gleaner that up to last Friday, some ‘’$60 million and counting” remained unaccounted for.

Referencing a string of recent fraud probes into several financial institutions, the source said the alleged misappropriation of funds at Knox Community College was “something massive”.

“I think they’ve just sat back and watched what has been happening and decided them a go take fi dem own too, and the staff members are very, very disgruntled, and it needs to come out because these things need to stop,” said the source.

Several calls to Dunbar McFarlane, the school’s chairman, went unanswered up to late Friday.

– Olivia Brown and Tamara Bailey