Police in Dwangwa Nkhotakota district have arrested a Bank Manager for Dwangwa First Merchant Bank (FMB) branch on allegations that he swindled the Bank of MK9 million clients’ monies through fraudulent and false accounting.
Nkhunga Police (PRO) Sergeant Laban Makalani confirmed the arrest of 32 year old Neph Chumachienda who hails from Kankhande village, Traditional Authority Mavwende, Mchinji district.
Chumachienda, who is currently in Police custody, is answering three counts of Fraudulent False Accounting, Forgery and Theft by Servant, according to Police.
Makalani said FMB’s Central Regional FMB manager Steven Spencer Kanyika reported Chumachienda to Nkhunga Police after the Bank’s audit report revealed dubious transactions.
According the Bank’s audit report, from March to September 2012, Chumachienda made 28 dubious transactions raking in over nine million kwacha in the process.
Chumachienda fraudulently transacted funds totaling M K7, 793,510 from the Dwangwa Cane Growers Limited account using duplicate and forged cheques which he duly posted and authorized by using his Clerks ID cards.
The bank had already honored the cheques with its client (DCGL).
The report discloses Chumachienda at one time stole the money by using previous duly processed cheques belonging to Dwangwa Cane Growers Limited (DCGL) account number 0740269005.
The report further revealed that Chumachienda also stole MK K804, 500.00 which was the Bank’s commission after it had processed salaries for employees of DCGL from March to September, 2012.
The stolen commission was then deposited in an account number 5716841007 maintained at Mchinji FBM Agency and was later cashed by the holder of the account identified as Mr. Handson W. Habu.
A total of K1, 268,200.00 was also fraudulently deposited into the suspect’s friends and relatives accounts maintained at Mchinji and Crossroads FMB Agencies.
The suspect appeared before Nkhunga Second Grade Magistrate Court Monday and pleaded not guilty.Follow and Subscribe Nyasa TV :