Couple ask for $100k loan- get $10 million - run

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Couple ask for $100k loan- get $10 million - run

A New Zealand couple fled the country after receiving millions of dollars in a banking error. Rotorua police and Interpol began an investigation yesterday into the disappearance of the money, thought to be $10 million with $4 million already recovered.

Would you run if you were given 10 million?

It is believed they had applied to Westpac Bank for a $100,000 loan but an error by an employee mistakenly deposited $10m into their account.

Detective Senior Sergeant David Harvey of Rotorua CIB said the account holders had gone overseas and Interpol was working to find them.

He would not confirm how much money was missing but said some believed to be about $4m had been recovered.

The money's disappearance is believed to be connected to a Rotorua BP service station, part-owned by one of the missing couple, which went into receivership on May 8.

The unnamed couple, believed to be Korean Leo Gao and his Kiwi girlfriend, have not been seen since.

Westpac's Craig Dowling could not say how the error occurred as the matter was under police investigation and subject to court action.

He declined to say if staff had been censured over the incident.

"I can say we've also been doing our own internal investigation and one of the outcomes ... has been to increase the checks and balances so it doesn't happen again."

A "substantial amount" of the money had been recovered and the bank was "aggressively pursuing all avenues" to recover the rest.
By netchicken: posted on 22-5-2009

I heard about this story originally on BBC news, and I support these people who were given the money 100%. They were given the money by accident, nevertheless the bank should have been more careful. Thus these people should keep the money and maybe the bank will learn a lesson, double check your work.

It's a dog eat dog world, if you make a mistake of giving out ten million you got to live with your mistake.
By mg.mikael: posted on 23-5-2009

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