LILONGWE-(MaraviPost)-Reserve Bank of Malawi (RBM) is investigating its manager (financial operations) Charles Mchakulu after an audit results revealed that MK340 million has been stolen.
The central bank has included in the probe, other law enforcing agencies such as Fiscal Police, Financial Intelligence Agency (FIA).
RBM spokesperson Mbane Ngwira said: “MK340 million is suspected to have been stolen”.
Ngwira said the fraud has been discovered after the results of an audit.
“The suspected employee has been making unsupported transfers from a government ORT [other recurrent transactions] account to a stationery supplier, Ideal Stationery,” he said.
FIA director Atuweni Juwayeyi-Agbermodji confirmed they are taking part in the probe of the fraud but decline to give further details, saying it is “an ongoing investigation.”
On June 12 2019, FIA reportedly obtained a freeze order with Mchakulu and Lucy Rachael Sukali trading as Ideal Stationery, whose account was used as a conduit to siphon money from the central bank, as respondent.
The bank account at National Bank of Malawi, Victoria Avenue Service Centre in Blantyre had a balance if MK120 917 295. 60 at that time of the order freeze.
The order in civil case number 432 of 2019 further restrains residential property at plot number Area 6/137 and residential property number Area12/460.
Comments
One response to “Malawi central bank entangled into MK340 Million fraud….Manager Mchakulu under probe”
Who put the technicalities in the justice system?. If they are ignored now, will they ever be complied with? The technicalities need to be fully complied with in this case.