CFO Embezzles over $4million from crane rental company

A crane rental company’s accountant has pleaded guilty of defrauding the company to the tune of $4.2 million between 2012 and 2017.

Peter Ramdath, the former chief financial officer of Winnipeg, Canada based Litz Crane & Rigging, pleaded guilty to one count of fraud of more than $5,000 at the Provincial Court on Wednesday.

The judge asked Ramdath: “You are pleading guilty because you actually did it, is that correct?” He responded: “Yes”.

He was charged with theft over $5,000, falsification of books and documents, and laundering proceeds of crime. He pleaded guilty to the charge of fraud over $5,000, on the understanding that other charges would not be pursued and that no legal action would be taken against his wife.

The proceedings have been adjourned until June 11 for sentencing.

Police began investigating Ramdath in 2017 when the company became suspicious and hired a private investigator, who discovered an extravagant lifestyle which included a stable of super cars, including a McLaren MP4-12C, Maserati Levante S, Aston Martin Vantage, as well as expensive overseas trips and designer clothes, all on his salary in 2017 of $85,000.

Police searched his home in January 2018, removing various items, including expensive jewellery and financial documents relating to the case. He was arrested but later released on bail. He remains free until his sentencing.

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