A former Niagara-on-the-Lake Hydro executive who has been charged with defrauding the utiliity of more than $426,000, has now repaid all the money.

Hydro CEO Tim Curtis said the entire $426,992 amount was repaid as of last week.

Kazi Marouf, of Fort Erie, the former vice-president of operations, is slated to appear in court on the fraud charge on March 22.

Marouf, 67, who was fired in September, was charged in January with one count of fraud over $5,000.

Niagara Regional Police investigators said the alleged fraud occurred between March 2019 and July 2020.

As previously reported by The Lake Report, the scheme involved phony invoices issued and paid over that 18-month period.

The fraud was discovered by an employee in the finance department who was processing a payment.

After the employee brought the discrepancy to the attention of senior management, the utility began an internal investigation and subsequently hired a Toronto forensic accounting firm to look into the case.

Hydro officials emphasized that the fraud had no effect on the utility's financial status or customers' bills.