Fraudsters steal 150 million HUF via forged corporate leadership registration

A Hungarian company owned by a Liechtenstein-based entity was targeted in a sophisticated fraud scheme involving forged documents to appoint a fake managing director. The fraudulent appointment occurred after the company's previous director had passed away six months prior.

Lawyer Balázs Czudar discovered the discrepancy when he noticed an unknown individual, Jenő V., had been registered as the new managing director without the knowledge of the company's legal representatives or the Liechtenstein owners. Investigations revealed that the documents used for the registration contained forged signatures, including one from a representative who had retired years earlier.

Despite an immediate attempt by the lawyer to contact OTP Bank to freeze the accounts, the bank declined to act until official documentation could be verified. During the window before the accounts were secured, over 150 million HUF was transferred out of the company's accounts via four separate transactions over eight days.

The stolen funds were distributed among a private individual, a newly established company, and a law firm's escrow account. Criminal proceedings and a civil lawsuit have been initiated following the incident.