Nedbank Zimbabwe is currently embroiled in massive scandal after 28 employees from across the country were arrested for swindling the bank of at least US$1.1 million. The employees allegedly swapped United States dollars deposited by customers and replaced them with electronic money (RTGS). Ironically, just this week President Emmerson Mnangagwa was ridiculing RTGS after the United States donated US$2.5 million for Cyclone Idai victims.
The scandal which is alleged to have taken place in the last 6 months was unearthed in South Africa at the headquarters of the parent of the local bank. The suspected scammers were arrested on Friday from the bank’s branches in Harare, Bulawayo, Zvishavane and Chegutu.
According to the Sunday Mail, court documents say,
During the period extending from 15 October 2018 to 9 March 2019, the accused used (the)Denomination Exchange Platform in the Flexicube core banking system (under teller module), which is designed for exchange of similar currencies only, that is to say, they put in bond cash inflows and took out USD cash, thereby prejudicing the bank of foreign currency and as a result of the accused’s actions, the complainant suffered an actual prejudice of US$1 119 974 and nothing was recovered.
Some of the tellers appeared in court yesterday and were granted bail ranging between $100 and $450.