K340m fraud at Reserve Bank of Malawi: Manager Mchakulu under investigation

Reserve Bank of Malawi (RBM) is investigating its manager (financial operations) Charles Mchakulu after an audit  results revealed that K340 million has been stolen.

Mbane Ngwira: Fiscal Police is helping RBM to investigate the suspected fraud

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: “K340 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 K120 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.

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Big Man
Big Man
1 year ago

This is Malawi under DPP, sad state and people suffer

Njolo mpilu
Njolo mpilu
1 year ago

Koma kuphuzila kwina kwa nyasa a mncakhulu. Mmene mumaonekela muja mwasowetsa ma number aakulu conci???
Tikumva zambili. Now bola kusunga ndalama m mbiya ndithu

Nchalo yourth
1 year ago

very much desappointed in dpp govement but you to chance avail after volting ndalama zija zaikanso mbava mmboma

Charles Banda
Charles Banda
1 year ago

This thug should be given life sentence with hard labor.. Let him rot in jail..

Malawi
Malawi
1 year ago

This guy was stealing to support MCP and Chakwera

MUJAHADINI
MUJAHADINI
1 year ago

Zinapita ku campaign izi. The case will never see the light of the day! Mark this post.

Chipanje
Chipanje
1 year ago

my Malawi why?

kgosi
1 year ago

theft at CENTRAL bank ??? do you even know that means to the world at large ???

Truth Pains
1 year ago

Mmmh dziko laonongeka ili mpaka ku reserve bank katangale mmmh, that’s DPP led government.
Adayamba ndi mbwiyanu Bingu Wa Muntharika kuba nanga inu mutani.

Malawi
Malawi
1 year ago
Reply to  Truth Pains

Wabayo ndi wa MCP. He sponsored Chakwera

concerned
concerned
1 year ago

where shall our money be safe? greed everywhere. not so long ago it was an employee of NBS! Oh no Malawi! let us be ethical.

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