A lawsuit recently filed by the CEO of an ATM provider revealed that more than $4 million was stolen from ATMs over nearly two years. The theft occurred through the use of fraudulent receipts by employees of a company contracted to load cash into the ATMs.
The lawsuit alleges that employees from Zyng Corp and its subsidiary, Zyng Technologies, were involved in the embezzlement scheme. The CEO of 247 ATM Providers, V. Ravi Chandran, suspected foul play and initiated an audit, which uncovered the missing funds.
Tragically, one of the employees implicated in the theft, 19-year-old Conner Rebolledo, was killed in what the police described as a planned robbery. The suspects accused of his murder, Skylar Bailey, Emiley Ridout, and Nathan Nava, are facing charges including open murder.
According to Zyng Corp’s COO and CEO, some money from the ATMs is unaccounted for, but they claim the amount is less than $1 million, not exceeding $4 million as alleged in the lawsuit. They maintain that the missing funds belonged to 247 ATM Providers, who owned the cash loaded into the machines.
The lawsuit details how employees from Zyng Technologies produced fraudulent receipts along with genuine ones, showing the intended cash amount loaded into the ATMs. The discrepancy between the two receipts revealed the embezzlement, with employees pocketing some of the money for themselves.
The audit conducted by an independent auditor, Philip Beckett, confirmed that over $4 million was embezzled from the ATMs. However, Zyng Corp disputes this amount, claiming their internal investigation shows a lower figure of around $850,000.
Rankine and Osadchuck, executives at Zyng, argue that the procedures to prevent embezzlement were the responsibility of 247 ATM Providers. They also emphasize that the accused employees are lower-level staff and not linked to the higher management of Zyng Technologies.
In response to the lawsuit, Zyng plans to countersue, alleging misinformation and defamation. The legal battle between the two companies is ongoing, with both parties seeking justice and vindication.
This case sheds light on the vulnerabilities in the ATM cash loading process and the importance of stringent oversight and accountability in financial transactions. The tragic loss of life and the substantial financial losses incurred serve as a cautionary tale for companies and individuals involved in handling large sums of cash.