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A scammer posing as a construction contractor managed to persuade Portland Public Schools officials to cough up $2.9 million.

The funds were quickly frozen by the school district’s bank, Wells Fargo, and returned, PPS stated in a news release Tuesday.

Two employees involved in processing the transaction were placed on paid administrative leave pending an investigation. However, initial information suggests the fraud was perpetrated externally and no district employees were engaged in criminal activity, according to the district.

The transaction was flagged by Wells Fargo on Friday, and the funds were returned to PPS on Tuesday.

The scammer’s account impersonated Fortis Construction, PPS spokeswoman Karen Werstein stated in an email message. Fortis is the construction manager/general contractor for the Madison High School project.

PPS said it would use the incident as an opportunity to improve its financial controls. An external auditor will independently review the district’s financial procedures.

The district also pledged to continue to cooperate with law enforcement, including the Portland Police Bureau and Federal Bureau of Investigation.