HomeLocal NewsBank swindled of US$600 000

Bank swindled of US$600 000

CBZ Bank Limited has suspended one of its employees on charges of being allegedly involved in fraudulent activities and underhand foreign currency dealings which involved about US$600 000, it has been established.

By Hazel Ndebele

The Zimbabwe Independent understands that Chipo Meda, who had been working at the CBZ Westgate branch as operations manager or teller, was suspended as part of the company’s disciplinary hearing.

The group’s marketing and corporate affairs executive, Laura Gwatiringa, confirmed Meda’s suspension, adding that investigations were ongoing.

“We confirm that Chipo Meda was suspended from the bank following some misconduct. Investigations, which are still being finalised, have established that the extent of the potential prejudice is not material, whilst recovery prospects are very high,” Gwatiringa said in a written response to questions sent by this paper.

Sources at the CBZ said the bank demanded that she pay back US$100 000, which was the actual prejudice, as she had allegedly been debiting from customer accounts for personal use. It is understood that Meda engaged in the actions with the help of her boyfriend.

Since the adoption of the multi-currency system in 2009, several banks have reported cases of fraud and corruption involving banking employees.

Last week, the Independent reported that Steward Bank had been prejudiced of more than US$200 000 through a scam suspected to involve the financial institution’s employees who electronically approved point-of-sale transactions from a closed and underfunded account.

The bank is investigating the matter to establish how one Jonathan Nhamburo from Mt Darwin managed to swipe US$215 800 yet his account had been closed six months prior to the numerous transactions.

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  1. Banks are being run like tuck-shops these days. Its clear those heading ICT and Security departments have inadequate experience. knowledge and skills to mitigate or combat fraudulent activity. Its a matter of time before monumental fraud brings them down to their knees. I know international banks employ dual controls at every decision-making level – not sure what “systems” their local counterparts have, if any.

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