The CBA initially blocked the release of internal documents and e-mails, but was compelled by a court order to hand them over to one of the victims, who lost more than USD 5 million and has launched a civil action against the bank.
The bank also refused to explain why it failed to alert police of fraud allegations, despite being aware of them in February 2007. At least two mobile lenders, employed by CBA to visit clients at their home or place of work, were involved in the alleged fraud but were never charged with any offences.
Several other bank employees processed dozens of loan applications, which were supported by allegedly forged documents.
These latest allegations come as CBA remains under scrutiny from the corporate regulator and Commonwealth government over serious misconduct inside its financial planning division from 2003 to 2012 that put the retirement savings of thousands of customers at risk.
Several CBA financial planners have been banned from practising by the Australian Securities and Investment Commission for providing inappropriate advice, overcharging on commissions and fees, and in some cases, allegedly committing acts of fraud.
CBA recently revealed its review has found more than 1 in 10 files are missing for customers who have applied to have their records, accounts and investments reviewed as part of its compensation scheme.
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