FNB uncovers huge fraud

AT least one person has been suspended and other employees are under investigation after First National Bank (FNB) discovered the theft of around N$500 000 in its Swabou insurance division.

Sources claim the amount could be closer to N$1 million. The Namibian has it on good authority that a number of other staff members are alleged to have been involved in embezzling money from the insurance division over a period of possibly four years.FNB spokesperson Cassius Moetie yesterday confirmed they were investigating a case of alleged theft but declined to divulge details.”I can confirm the incident but you will appreciate the fact that we do not discuss our staff members in public.It is our policy not to do that,” he said.An employee, who has been with the company for at least 10 years and who reportedly worked for Swabou before the merger with FNB, is alleged to have admitted to pocketing up to N$470 000.However it is alleged that she transferred a further N$500 000 into other private accounts.On Saturday, the same woman allegedly withdrew more than N$43 000 at the bank, possibly with the assistance of accomplices.Sources said she was suspended on Wednesday after senior bank officials and officers from the Police’s Serious Crime Unit questioned her.She allegedly gave them a confession under oath.Sources indicated to The Namibian that those implicated had allegedly exploited loopholes in internal control procedures.The suspended woman is alleged to have used the balance-sheet account to manipulate figures from one year to another as she siphoned thousands into her account without being noticed.Those who knew about it were allegedly part of the scam.She is said to have a relatively young boyfriend of Angolan origin.”The toy-boy is quite expensive and requires a lot to maintain.It’s a tragic case of tainted love,” claimed one source.The theft was kept confidential until The Namibian was tipped off about it.Only top management in the insurance division were aware of it.It was not clear yesterday how many other staff members were possibly implicated, but a source claimed it was “a lot”.The Namibian has it on good authority that a number of other staff members are alleged to have been involved in embezzling money from the insurance division over a period of possibly four years.FNB spokesperson Cassius Moetie yesterday confirmed they were investigating a case of alleged theft but declined to divulge details.”I can confirm the incident but you will appreciate the fact that we do not discuss our staff members in public.It is our policy not to do that,” he said.An employee, who has been with the company for at least 10 years and who reportedly worked for Swabou before the merger with FNB, is alleged to have admitted to pocketing up to N$470 000.However it is alleged that she transferred a further N$500 000 into other private accounts.On Saturday, the same woman allegedly withdrew more than N$43 000 at the bank, possibly with the assistance of accomplices.Sources said she was suspended on Wednesday after senior bank officials and officers from the Police’s Serious Crime Unit questioned her.She allegedly gave them a confession under oath.Sources indicated to The Namibian that those implicated had allegedly exploited loopholes in internal control procedures. The suspended woman is alleged to have used the balance-sheet account to manipulate figures from one year to another as she siphoned thousands into her account without being noticed.Those who knew about it were allegedly part of the scam.She is said to have a relatively young boyfriend of Angolan origin.”The toy-boy is quite expensive and requires a lot to maintain.It’s a tragic case of tainted love,” claimed one source.The theft was kept confidential until The Namibian was tipped off about it.Only top management in the insurance division were aware of it.It was not clear yesterday how many other staff members were possibly implicated, but a source claimed it was “a lot”.