A Reserve Bank of Malawi (RBM) manager, a businessperson and two other RBM employees have been arrested for stealing K354 million at the Central Bank.
Police have arrested the bank’s manager for operations Charles Mchakulu, other employees Olivia Phiri and Rabecca Chisenga as well as entrepreneur Lucy Sukali.
National Police spokesperson James Kadadzera confirmed the arrests saying the four have been charged with conspiracy, theft and money laundering.
“Investigations are in progress,” he said.
According to police, the figure involved has been revised from K340 million to K354 million as investigations continue.
RBM spokesperson Mbane Ngwira said a system of surveillance of transactions in the banking system was used to uncover the fraud.
According to Ngwira, the employees “had been making unsupported transfers from a government ORT [other recurrent transactions] account to a stationery supplier, Ideal Stationery.”
Sukali’s account was used as a conduit to siphon money from the bank.
Meanwhile, the Financial Intelligence Authority [FIA] has frozen a bank account at National Bank of Malawi Victoria Avenue Service Centre in Blantyre which at the time the freeze order was issued had a balance of K120, 917 295.60.
