Stanbic accused of aiding, facilitating fraud

Stanbic accused of aiding, facilitating fraud

If you thought Stanbic Bank Zambia Cheques are credible, then you may need to think again. An investigation has revealed that The International Bank may be involved in a very big fraud scheme. The three months investigation has so far revealed that Stanbic has been aiding a well known Lusaka based criminal to defraud several people. What happens is that Extra Twenty Four, a fake Roofing Sheet Supplying Company based in Washama Road Villa Elizabeth Lusaka will advertise for cheap Roofing Sheets. A client will pay for the Roofing Sheets with a promise that they will be delivered within a week. The prices are very enticing. Once a client pays to the main Director who has several names including Sasali or Kiza Mwanda, the ” Big Boss” disappears. A client will report the person to the Police and he is well known by most Police officers because he claims to be a PF cadre connected to State House.

When you find him and take him to the Police, he is even called boss, he will then issue a Post dated Cheque and he is let go. When the due date comes and the defrauded client deposits the Cheque, he talks to bosses at Stanbic Bank who then stops the transaction.

The client loses and life goes on for him. One example is that towards the end of October 2020, The PF cadre was cornered along Buluwe Road by one Victim and an Investigative Reporter. He was conveyed to Kalikiliki Police Station where he laughed off the charge and issued a Post Dated Cheque of K20000 with a due date of December 29. 2020. The cheque was deposited on December 29.2020 almost two months after it was issued. The Cheque was deposited at Indo Zambia Chilenje branch.

The follwing day, the account showed K20000 was cleared. Then Stanbic Bank Industrial Branch called the Conman who instructed that the transaction be reversed. When the defrauded person tried to withdraw the money, it was discovered that the transaction had been cancelled. Indo Zambia said it had no explanation except Stanbic.

What is strange however is that the Competition and Consumer Protection Agency in July 2020 issued a Cautionary Announcement against dealing with this company but Stanbic has maintained a Bank Account with this company. A Press Query was sent to Stanbic Bank for a Comment but like always, The Bank ignored it. The question is, can Stanbic Bank Cheques be trusted? See a copy of the Cheque and Cautionary Announcement. The name of the client has been delibarately removed.

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