An Eximbank executive has fled overseas after misappropriating VND245 billion ($10.8 million) from a customer using forged documents, the bank said on February 22.

Bank representatives told local media that the fraud committed by Le Nguyen Hung, former Deputy Director of the Ho Chi Minh City branch, has been confirmed by police. Any compensation to the customer will have to wait for the court’s ruling.

According to the police investigation, Ms. Chu Thi Binh, a businesswoman in seafood, has made major deposits at the branch since 2007. This gave her VIP status, which meant she did not have to visit the bank every time she wanted to check her accounts, but this also opened up loopholes.

Hung paid multiple visits to Ms. Binh’s house to provide updates on her accounts, and she trusted him completely. Only after he left the bank in 2017 did she check her accounts again and found that a huge sum had gone missing.

Police said Hung had been stealing her money since at least 2014 using forged papers. An international arrest warrant has been issued for him.

Bank executives said Hung had worked at the bank for more than 20 years without scandal. He raised little suspicion despite the fact that he usually handled Ms. Binh’s papers on his own, they said.

Ms. Binh has asked the bank to reimburse her, but she has been asked to wait.

“Once a court decides that Eximbank is responsible for returning the money, we will do it immediately,” the bank’s CEO Mr. Le Van Quyet said. “We really want to resolve this quickly and save us from bad publicity. But without a trial, it will be hard for us to explain to our shareholders about paying compensation.”

Mr. Quyet explained that all the papers Hung used to make fraudulent transactions bore Ms. Binh’s actual signature. The case should therefore be carefully investigated and Eximbank will follow any ruling given by the court, he said.