Stanbic employee arrested for stealing K105 million

A Stanbic bank employee has been arrested for stealing K105 million from the bank.
Chewe Chitomfwa, an Information Technologist was arrested by the Drug Enforcement Commission for money laundering activities.
DEC spokesperson John Nyawali confirmed the arrest of Chitomfwa but could not disclose the name of the bank involved.
But Watchdog sources confirmed positively that Chitonfwa is an employee of Stanbic, a division of Standard bank of South Africa.
The 37 old suspect is said to have stolen the money on various dates from 2008 to 2010 by manipulating the technological systems of the bank and diverting the money.
In his capacity as IT Specialist at Stanbic, Chitomfwa manipulated the systems by showing that more money was deposited into the bank’s deposit accounts when in fact. He instead diverted the money into his personal business account named Techsol Systems Limited.
According to Nyawali, Chitomfya who has already started appearing before a Lusaka Magistrate court has been denied bail due to the seriousness of the offence and has since been taken to a remand prison.
He said DEC has extended its investigations to other employees of the bank within its IT department as it suspected that the scam could be bigger.
The arrest of Chitomfya comes few months after a Congolese electrical engineer and a Zambian businessman were arrested for siphoning huge sums of money from other people’s off-shore accounts after capturing passwords and other sensitive personal banking to details to fraudulently duplicate Visa Electronic Cards.

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