Victoria Police’s Fraud and Extortion Squad has confirmed a Greek-Australian ex-Commonwealth Bank loans officer is facing three counts of obtaining financial advantage by deception after blowing $3.75 million on cocaine and a lavish lifestyle, The Age reports.

Former banker GV allegedly embezzled the money between 2008 and 2009, using a fake loan scheme, however the Age reports the bank failed to report his suspected stealing for over a decade until the news was leaked to the newspaper.

The Commonwealth Bank of Australia had initially let GV go and allegedly attempted to force him to pay back $2 million in 2010 and made a civil court decision to “freeze” his assets.

Police investigations only commenced in mid-2018 after The Age and The Sydney Morning Herald uncovered the bank had allegedly failed to report the alleged illegal conduct.

According to The Age report, expatriate GV admitted to CBA auditors in 2010 that the money was spent on buying an expensive house, a luxurious lifestyle and drugs. However, he also reportedly said that others were involved in similar incidents.

In an interview with the bank’s security department, GV is alleged to have initially described the ease with which the systems were manipulated to produce false loans and fake accounts linked to real customers’ assets.

“I’m not a rat and I was never gonna talk, I was never gonna talk. But I’m not gonna sit there and cop it because, yes, I did wrong, but I wasn’t the only one. I was taught how to do it,” he allegedly said in a recorded interview with the bank’s security department, obtained by The Age.

“If we want to talk seriously, there is a hundred witnesses for stuff that was being done, and stuff that was being consumed, stuff that was being drunk, stuff that was being snorted.”

After leaving the bank, GV undertook a series of other jobs in the field of financial services without allegedly disclosing his past indiscretions.

In 2018 a bank spokesman said when the case became known, the bank accepted that “more could have been done” and if a similar issue arose today, their approach would be to inform the authorities.

The former loans officer is due to appear in the Melbourne Magistrates’ Court in February.