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At least 12 employees of Finance Bank of Malawi, Lilongwe Branch, have been suspended and some of them are believed to have bolted out of the country following a scam believed to have drained close to K21 million (about $173,000 ) .
The employees are alleged to have been swindling the bank by transferring millions of Kwacha from the company’s coffers into unsuspecting customers’ accounts and would later use the clients to withdrew the funds.
National Police Public Relations Officer Willie Mwaluka on Monday confirmed that police were investigating the alleged scam but could not give details.
“As of now all I can say is that it is true and we arrested two people. The case is with the court here in Lilongwe. However, I need to get more information from those who are investigating the issue,” said Mwaluka.
He could also neither name the two suspects who have been arrested nor confirm the amount involved and the employees who have been suspended.
The bank’s interim General Manager Neil Nyirongo could not answer his phone on Monday when called.
But Police sources disclosed that several clients of the bank were called for questioning after discovering that the suspected employees were using their accounts to transfer the money.
The sources also disclosed that some of those employees, including some senior officers at the branch, suspected to have been directly involved, are still on the run while others fled the country.
“Some of the clients indicated that they were not aware that they were being used to swindle the bank because the employees could get the unsuspecting client and tell him or her that he was doing a part time business and as someone working with the bank would not want to open an account which would raise suspicions,” said the source.
The source also said Police only managed to get a few clients for questioning as some of them are also suspected to be on the run after the scam was discovered.
According to the source, police have so far impounded property, including vehicles of those who were arrested and the employees who are on the run while the affected accounts have so far been frozen.
A source at the bank revealed that one of the used accounts had money in excess of K6 million when the scam was discovered and so far about 12 employees, who are suspected to have been working as a network, are connected to the scam.
Finance Bank is currently under the management of the Reserve Bank of Malawi following fiscal discipline dispute last year when government revoked its licence and eventually closed it before it was re-opened.
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