|Las Vegas casino|
Criminals have figured out a loophole to steal at least $1 million from Citibank, according to reports.
A total of 14 suspects have been indicted on charges they stole more than a million dollars at casinos in California and Nevada.
The suspects have been able to confuse the banking system, according to authorities. Investigators said the suspects took advantage of a loophole in the system of Citibank. Authorities said the suspects would open accounts at various Citibanks in Southern California, including San Diego. Then they would go to a casino kiosk cash advance and withdraw money.
Because of this gap, a suspect could make multiple withdrawals for the same amount of money as long as they occurred within 60 seconds and all those withdrawals count as duplicate transactions. The suspect could overdraw the account by tens of thousands of dollars. The suspect then takes the cash receipt to a cashier and collects all the money.
Prosecutors said the suspects allegedly withdrew about $1 million over a period of eight months. Authorities are still looking to arrest one person, while the other 13 have been arrested. FBI agents said the gap in the system has now been closed Citibank.