A 27-year-old Absa employee faces serious fraud charges after it was discovered that he may have used his untethered access to client accounts to siphon millions for himself.
Absa banker nailed for stealing R25 million from taxpayers
As reported by IOL News, the Absa banker’s illicit activities raised alarm when R25 million went missing from the Limpopo local government’s accounts.
There isn’t a plethora of information on how he exactly did it. However, a Hawks investigation was launched to track the movement of the missing millions.
From what we understand, the banker had allegedly opened a number of bank accounts at Absa and other financial institutions. He then — allegedly — moved the R25 million in tranches to these shell accounts, creating a web of transactions that, in his view, would shield him from prosecution.
This is what was recovered from his residence
Hawks investigators have not released information on how many accounts were opened by the suspect but we know that a search warrant executed in his home led to the discovery of four Absa bank cards, two withdrawal slips with undisclosed totals and about R2 000 in cash.
The banker was immediately placed under arrest and charged with fraud. While we are not informed on the extent of the evidence the State has, it is clear that the Hawks’ paper trail is central to nailing the 27-year-old as a fraudster.
Was the Absa banker working alone?
Also, at this time, there is no information on how much of the taxpayer’s R25 million has been recovered, or how much was allegedly spent by the suspect.
He is expected to appear before the Waterval Magistrate’s Court on Monday, 20 July 2020 to face fraud charges.
Whether he acted alone is also a question that remains unanswered. All we have heard from the Hawks is that the investigation is still ongoing and the announcement of further arrests should not be ruled out.