Michael Grant, 45, a former contractor working for Royal Bank of Scotland as a senior market data administrator and financial analyst, pleaded guilty to fraud by abuse of position under the Fraud Act 2006 at Inner London Crown Court.

This followed an investigation by the Dedicated Card and Payment Crime Unit (DCPCU), a specialist police unit that is funded by the banking and finance industry.

Grant redirected refunds from service providers meant for the bank he was employed by, into his own external business account. The diverted funds related to 100 refund payments into his business account, totalling £2,260,729.09.

The bank became suspicious of Grant after a document was found on a printer in Grant’s office which appeared to have been altered, falsely showing that his business account was part of the bank at which he was employed.

The bank interviewed Grant about the matter. After the interview it was decided that he posed a risk to the organisation if he remained in-post, so his contract was terminated.

The bank and the DCPCU launched a full investigation in order to establish the extent of Grant’s offending.

At the conclusion of their enquiries, they established that in the offending period Grant 

Detective inspector Kate Duff, at the DCPCU said: ‘Michael Grant acted with dishonesty and abused the position of trust that his employer had given him. The extent of the losses show he only acted in the interest of himself, without any regard for the detrimental ramifications of the bank, his employer.

‘Fortunately, his activities were identified and activity ceased, preventing any further loss. This is another case where the DCPCU has brought a criminal to justice after working closely with the banking and finance industry.

‘This sentence should serve as a warning to perpetrators of crime that they will be caught and brought to justice.’