A major financial institution has been fingered by the Jamaica Public Service Company (JPS) for electricity theft amounting to more than $3 million.

Meanwhile, the light and power company has also revealed that more than 600 businesses were found with irregularities in 2006 leading to losses of more than US$30 million.

Meter rigged

In a statement yesterday, JPS said that a meter on the premises of a Kingston branch of a financial institution had been rigged to under-register electricity consumption.

"The JPS Revenue Protection Department carried out an investigation on the premises in early January after an audit of the account revealed very low and sometimes zero consumption over an extended period," the statement said.