Police are investigating allegations of widespread fraud involving senior staff at the ACT public trustees office.

Two trust officers have been suspended on full pay after an internal audit found a shortfall of around $1.5 million.

Each case officer manages the financial affairs of around 50 people who through disability or age have been found to be unable to manage their own affairs.

The suspect transactions have been conducted over the last seven years.

Police are investigating claims of debit card frauds, cash thefts from ATMs, contractor kickbacks and false paperwork trails.

It is alleged the victims were those least likely to notice their funds had been drained.

In one case a card was allegedly used to make a daily maximum withdrawal for seven months.

In another case under investigation a woman in her 80s was found to have purchased two air conditioning units in the past three years.

When a public trustee official visited the woman she told him she was unaware of the purchases.

One allegation under investigation is that contracts were paid to service non-existent properties.

In a statement released under the heading Irregularities in financial records the office said, “The Public Trustee is working to ensure that no clients are adversely affected.

Should there be any loss identified, it will be fully compensated with interest.”