Sindelar Revision - Tri Risk

CHALLENGE

Since the beginning of the COVID-19 crisis, the German Federal Government has provided approximately €120 billion in support to businesses. This includes approximately €60 billion in aid and almost €55 billion in loans, plus recapitalization measures and guarantees.

I was part of a team evaluating fraud risks in Germany’s COVID-19 relief programs and was responsible for a portfolio of EUR 140 million. My tasks included verifying the authenticity of loan request data, conducting investigations, identifying abuses of financial aid, and investigating external fraud. On-site, I encountered challenges such as inadequate IT infrastructure and record-keeping procedures, limited access to systems and data, insufficient resources, gaps in expertise, absence of a risk-centric audit approach, poor communication channels, and incidents of lobbying for funding approvals.

APPROACH AND RESULTS

While conducting business intelligence investigations, I identified abuses and misuses of the financial aid, uncovered fraudulent accounting activities, recognized collaborations between employees and unethical third parties, exposed conflicts of interest and fraudulent collaborations, and investigated external fraud activities affecting the organization’s business relationships:

Detected attempted fraud by analysing quantitative and qualitative sensitive data associated with 300 complex and high-profile companies.
Prevented €56 million in fraudulently secured funds (40% of the €140 million portfolio under my purview) from being spent, which were disseminated by L-Bank as part of COVID funding relief.
Earned a reputation as a top-performing member of the Federal Ministry of Economic Affairs and Energy’s Fraud Risk Assessment team, comprised of Forensic and Legal SMEs.

TESTIMONIAL

“Constantine’s enthusiasm for the field of anti-fraud is consistently reflected in his work. He approaches collaborations with a spirit of partnership that sets him apart, always willing to both teach and learn. With a combination of strategic insight and practical experience, Constantine has established himself as a leading expert in matters of internal control. For any organization seeking to improve its internal controls and manage fraud risks, I wholeheartedly endorse Constantine.”

Petra Sindelar, Owner / Inhaber, Sindelar Revision