A district judge in County Armagh, Northern Ireland has refused to grant bail to two former bank managers charged in connection with an alleged £7 million fraud, after saying he was concerned they could abscond to escape the prospect of imprisonment.
Peter Creegan, who worked in a branch of First Trust bank, and Damien Pius Mallon, who ran branches of the Halifax, have also been charged in connection with a money laundering operation.
Mr Mallon has been suspended from his post, whilst Mr Creegan, who is up against 26 charges relating to fraud and concealing criminal property, was dismissed from his managerial role earlier this year after an internal investigation.
The 12 charges against Mr Mallon include fraud, acquiring criminal property and concealing criminal property, although his solicitor has said he has been helpful to the police, with detectives confirming that he had made “several full and frank admissions.”
The investigation, which is ongoing, began when detectives received complaints from the First Trust Bank, as well as an unnamed party. Witnesses, victims and co-conspirators are reportedly still being sought.
According to BBC News, many of the charges against Mr Creegan allege that he attempted to cause loss to his former employers, the NI unit of Allied Irish Banks.
District Judge, Paul Copeland, has remanded the pair in custody until they are due to appear via video link at Newry Magistrates Court at the end of the month.
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