Employee stole millions from Amsterdam housing corporation: report

An employee of Amsterdam housing corporation Stadgenoot stole millions of euros from the company, insiders told the Telegraaf. For years the senior financial worker regularly transferred between 10 thousand and 20 thousand euros into the account of her minor daughter, the newspaper writes.

The woman was caught when ING became suspicious of the transactions and notified the authorities. She used the money for gambling and luxury vacations, according to the newspaper.

Stadgenoot, the third largest housing corporation in Amsterdam, confirmed the fraud, but would say nothing about the amounts involved. "In the interest of the criminal investigation, we cannot provide any information," a spokesperson said to the newspaper.

The employee was dismissed immediately after the fraud was revealed. The housing corporation could not tell the newspaper how the fraud went unnoticed for so long.

Stadgenoot will try to recover the money. "But plucking a bare chicken is difficult," the spokesperson said.