Colleges have been warned by the Further Education Funding Council to be on the alert for a major fraud operation in which the unauthorised use of principals' signatures has illegally extracted tens of thousands of pounds from college bank accounts. At least six were hit over the summer when cash was diverted to overseas accounts, according to the FEFC. Roger Lewin, principal of Bracknell College, sounded the alarm over an unexplained transfer of Pounds 26,000 to Fuji Bank in Japan.
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