RESIGNED BANKER HELD FOR E6.4M FRAUD

MBABANE – Former SwaziBank Loan Officer Mnqobi Bahle Shongwe has been arrested for allegedly defrauding the institution money amounting to E6 419 000.

Shongwe (31) of Siphofaneni under Chief Maphilingo Shongwe made his appearance before Mbabane Magistrate Sifiso Vilakati charged with fraud.
 It is alleged that the Shongwe, who was entrusted with monitoring and reviewing of Small Medium Micro Enterprise credit facilities, misrepresented to the bank that eight companies were entitled to bank overdraft limit amounts between the period of January 2016 and April 2017.

However, it appeared that after Shongwe was allegedly questioned by the bank superiors in connection with the alleged offence, he tendered a resignation letter to the company. 
An overdraft is an extension of credit from a lending institution when an account reaches zero. This allows the individual or account holder to continue withdrawing money even if the account has no funds in it or not enough to cover the withdrawal.

The charge sheet reflects that by his alleged means of misrepresentation, the bank released the money to the companies resulting in the actual loss and prejudice to the aforementioned sum.
The companies are Beaver Construction, Valds Investment (PTY) LTD, Okumhlophe Investments T/A Kholoza Construction, Avenda Investments (PTY) LTD, Sibane Icons (PTY) LTD, Sinet Investments (PTY) LTD, S’mengezwi Investments (PTY) LTD and Masuku Impulsive Investments (PTY) LTD.

The second charge in the charge sheet reflects that Musa Lethumusa Vilakati 36 of Mqaphozini under Chief Lusendvo Fakudze had been charged with Sinet Investments (PTY) (LTD)  in connection with the alleged theft of E1 100 000 in the same institution.
Buddy Masango, who is representing the Crown in the matter, applied that the accused be remanded in custody until May 30, 2017 pending committal to the High Court.
After they were remanded in custody, Magistrate Vilakati advised them to approach the High Court for bail due to the nature of the charges they were facing.
The accused’s arrest comes after this publication’s Investigations Desk has established that there was a certain bank employee who allegedly manipulated laid-down procedures to offer unwarranted overdraft facilities to the companies.
The investigations unveiled that the most benefitting company from the illegal act was allegedly awarded E1 847 232.62 while the minimum paid was E148 611.51.

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