Absa bank finally caught their two former employees who were suspected for causing a fraud and money laundering for 1 million years back.
Two former bank employees in the Eastern Cape have been sentenced to 15 years’ imprisonment for fraud and money laundering totaling over R1 million. The Gqeberha Specialised Commercial Crimes Court handed down the sentences, marking a significant victory in the fight against financial crimes.
The Convicted Employees
Florika Shenay Owusu, 31, and Abongile Tyusha, 30, were found guilty of orchestrating a complex scheme that defrauded the bank and its clients. The crimes were committed between November 2019 and June 2021, during which both Owusu and Tyusha were employed by Absa.
Details of the Fraud
Owusu, who worked as a consultant at the Patensie branch, and Tyusha, who was transferred to the Dutywa branch, were responsible for issuing clients with bank cards and assisting with bank inquiries. According to Warrant Officer Ndiphiwe Mhlakuvana, spokesperson for the Directorate for Priority Crimes Investigations (Hawks), the duo exploited their positions to open fraudulent bank accounts using the names of deceased individuals and foreign nationals without their knowledge.
“The accused fraudulently opened bank accounts using names of deceased individuals and foreign nationals without their knowledge. They issued debit cards for these accounts to facilitate fraudulent transfers and withdrawals,” said Mhlakuvana.
Execution of the Scheme
The scheme involved reactivating 18 dormant accounts, primarily belonging to foreign passport holders and deceased South African citizens. Owusu and Tyusha withdrew cash from these accounts after transferring funds into them fraudulently. The transactions, made in tranches, resulted in a loss of over R1 million.
Investigation and Arrest
The fraudulent activities were uncovered following an internal audit conducted by the bank, leading to the arrest of Owusu and Tyusha. The meticulous investigation revealed the extent of the fraud, highlighting how the duo bypassed bank protocols to carry out their scheme.
“At the time, Absa employees were not allowed to disclose any information without the client’s consent,” Mhlakuvana noted, emphasizing the breach of trust and security involved.
Sentencing and Reactions
The court sentenced Owusu and Tyusha to five years for fraud and theft, and ten years for money laundering. Four years of the sentence were suspended for five years on the condition that they do not violate the Organised Crime Act during this period.
Conclusion
This case serves as a stern warning to those who might consider engaging in fraudulent activities within financial institutions. The sentencing underscores the importance of integrity and trust in the banking sector, as well as the ongoing efforts of law enforcement agencies to combat financial crimes.
