Embezzlement is a type of financial fraud where someone who is entrusted with money or property illegally appropriates or misappropriates it for their own use. Unlike theft, where the perpetrator unlawfully takes possession of someone else’s property, in embezzlement, the perpetrator initially has lawful possession of the property but then fraudulently converts it to their own use. Embezzlement can occur in various settings, such as businesses, organisations, or even personal relationships where one party is entrusted with the funds or assets of another. It is considered a serious criminal offence and is punishable by law.
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This glossary post was last updated: 29th March 2024.
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