“We have uncovered a fraud amounting to US$141 000 involving one of the bank employees, working in collusion with some individuals outside the bank,” ZABG said last night. “The culprit has been caught and is now in police custody, assisting with investigations.”
Sources in the bank said CID Fraud squad yesterday picked up an information technology department employee, Cletos Mahlatini, in connection with the fraud.
Mahlatini allegedly “suppressed” a suspense account to conceal funds he allegedly transferred from the bank to his “friends”.
ZABG, an amalgamation of three banks –– Royal, Barbican and Trust in 2004 –– last November failed to comply with the US$6,25 million minimum central bank capital requirements.
The central bank last year said Royal, Barbican and Trust would be given back their licences and assets at no cost.