Love of the good life catches up with accountant

Investigation into suspected $56m fraud finds staff member had expensive tastes. Photo / APN

Life in the fast lane has finally overtaken a Sydney accountant who is alleged to have milked financial group ING Australia of A$45 million ($56 million) and pumped it into luxuries ranging from perfume and jewellery to Michael Jackson memorabilia and multimillion-dollar apartments.

Rajina Rita Subramaniam is also alleged to have used stolen money on major extensions and renovations to her Castle Hill home.

The 41-year-old former senior accountant, who allegedly began pumping money into her own accounts after two decades with ING, will appear in court next week on charges connected to what is believed to be one of the largest frauds committed by a sole offender in New South Wales.

Fairfax newspapers reported that Downing Centre Local Court Magistrate Carolyn Barkell was told on Wednesday that a guilty plea was likely, after industrial action by NSW public servants prevented Subramaniam's appearance.

She is being held in custody.

Police allegations made during her first court appearance in 2009, shortly after being arrested as she boarded a flight for a wedding in Sri Lanka, detailed claims of massive fraud that led to 37 charges. Police allege that suspicions first emerged when retailers reported concerns about large payments, some involving millions of dollars, including a number allegedly from the company's accounts.

Investigators allegedly found a glittering haul at ING's central Sydney offices.

Among the luxuries allegedly recovered were 600 pieces of jewellery from exclusive lines including Bulgari, Tag Heuer, Tiffany, and Paspaley, 200 Chanel products including perfume and makeup, clothing by Chanel, Hugo Boss and Armani, Mont Blanc stationary and a A$600 bottle of Moet & Chandon Dom Perignon champagne.

Subramaniam is also alleged to have bought properties in central Sydney, Bondi Beach and the exclusive harbourside suburb of Kirribilli.