14 June 2019

Malawi: 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 also takes possession of residential properties at Area 6 and Area 12/460.


Tanzania Targets Zimbabwe, Malawi, Zambia and DRC Markets With Dry Port At Mbeya

The Tanzania government, through the Tanzania Ports Authority (TPA), will build a dry port at Inyala in Mbeya, targeting… Read more »

See What Everyone is Watching

Copyright © 2019 Nyasa Times. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.