Is there an english term for this?
The act of subtly removing extra money from the public sector to benefit other people, usually in form of an overpriced contract or offer (like building a route for triple the price).
In my language, there's a term you could translate as "tunneling". It's not the same thing as money laundering. The latter means trying to cover the illegal money, the first means the act of creating dirty money.
That was the first thing that popped into my mind. Fraud and "tunneling" have similar, but still different meanings. Fraud means "I'll take this money noone cares about, even when I'm not supposed to", tunneling means "What's up pal. You need some cash? Just make me an offer to build this route for a billion, even though other companies would do it for tenth the price and I'll take care of the rest."