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The phishing e-mail asked for the school's banking information, which the finance staff provided.
They didn't realize their mistake until more than £1 million ($1.7 million), almost 10 percent of the school's budget for a new building, was stolen.
The Daily Mail reports that the building funds had been provided as a loan from the Department for Education's Education Funding Agency, and that St. Aldhelm's is now being required to pay it back at a rate of approximately £75,000 a month.
In a statement, St. Aldhelm's headteacher Cheryl Heron told the Daily Mail, "St. Aldhelm's was subject to an external fraud in July last year. The academy acted swiftly, referring the matter immediately to the police, and the case is still being investigated. The fraud has not impacted on the day-to-day running of the academy or our recent building work, which was completed on schedule."
"It would be inappropraite to comment further while police investigations are ongoing," Heron added.
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