Fraud at NBC Ltd - Tanzania!

Inavyoelekea, kila mbuzi anakulaga kulingana na urefu na wepesi wa kamba yake kutoka kwenye kipago. Just when I thought at last, the country is getting on track, now I read this from a Tanzania newspaper, ThisDay...

Police probe 15bn/- fraud at NBC Ltd
AUTHORITIES are investigating alleged fraud within the National Bank of Commerce (NBC) that has led to the disappearance of at least 20bn/- from the accounts of some of the bank’s key corporate customers, including the Tanzania Revenue Authority (TRA) and Tanzania Telecommunications Company Limited (TTCL). According to latest THISDAY findings, some NBC officials at various branches in Dar es Salaam are suspected to have colluded in the facilitation of fraudulent transactions with local businessmen.

In one incident of fraud so far detected by bank officials, around 15bn/- was stolen through the use of fake companies and manipulation of electronic payment systems. Informed sources say another incident involved the embezzlement of 5bn/- earlier this year through use of the name of one particular construction company. A co-owner of a local magazine along with a number of NBC employees are believed to be under investigation following the discovery of over 4.5bn/- in vanished monies from bank accounts owned by TRA and TTCL, both state-owned enterprises.

"The fraud was done through the use of fake names and identities. In some cases, the photos of deceased individuals were also used to facilitate the scam, " said an informed source in the banking industry. NBC officials confirmed that a formal investigation has been launched into the matter, but declined to give details on precisely how much money has so far been stolen.
"The management of the National Bank of Commerce (NBC) Ltd is not at liberty to comment on the alleged fraud incidents, while the matter is under investigation,"’ said a brief statement issued by the bank in the wake of queries from THISDAY.

Police in Dar es Salaam are understood to be handling the investigation of the reported theft, with several NBC bank employees already subjected to questioning. The Director of Criminal Investigations (DCI), Commissioner of Police Robert Manumba, said he personally was not aware of the alleged fraudulent incidents at the bank.

Investigating officers are believed to have last week questioned several suspects as part of the ongoing probe. There are reports of the probable involvement of various influential people, thus posing a more difficult challenge to the investigators.

The formerly state-owned NBC Bank was privatised in 2000 to South Africa’s financial services giant ABSA Group Limited. Its shareholders are ABSA Group (55 per cent), the Tanzanian government (30 per cent), and the International Finance Corporation (15 per cent).

Info source: Thisday.co.tz