A woman has been charged after allegedly defrauding the Mulwala Water Ski Club of more than a million dollars.
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Albury-region detectives commenced an investigation early this week after the club reported anomalies in its financial records.
A 58-year-old woman, who had worked as a financial officer, was arrested at the Mulwala Police Station on Tuesday.
She was charged with 27 counts of dishonestly obtaining financial advantage by deception relating to $1.1 million.
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It's alleged the cash was transferred to multiple offshore bank accounts from December last year to January.
"The woman's employment has since been terminated," police said in a statement.
"The Victorian woman was granted conditional bail and is due to appear at Corowa Local Court on February 17."
Police continue to investigate the matter.
The figure allegedly transferred would equate to a large portion of the club's 2020 profit.
The club posted a record profit last financial year despite issues caused by COVID-19.
A report presented to the club showed the business made $1,691,872.
That figure was an increase of $1,119,958 on the previous year's profit.
The club had $13.7 million in income last financial year.
As of last June, the club had $1,432,798 in cash.
