This was revealed at the Football Federation Financial Committee meeting held last Friday and it is said that the fraud is around 28 million.
However, the Football Federation President said although the fraud is said to be around 28 million the actual figure could be even more.
He said the accusation was directly pointed at the Football Federation Accountant, adding that the accountant had accepted the allegation.
The accountant had promised to return the money obtained through this fraud and the Cinnamon Gardens Police had recorded a statement by him.
Although the signatures of the President and Treasurer was compulsory in financial transactions of the Football Federation, it is suspected that the signatures had been forged in committing this fraud.