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28 Nedbank employees arrested for defrauding bank of millions in Zim

The workers allegedly withdrew US dollars from depositors’ accounts and replaced them with local electronic money.

nedbank-thjpg

HARARE - More than two dozen employees at the Zimbabwean unit of Nedbank have been arrested for allegedly defrauding their employer of more than $1 million between October and March.

The 28 bank workers allegedly took advantage of skewed exchange rates to withdraw US dollars from the bank and replace them with local currency when the exchange rate was fixed at 1:1.

Court papers cited by the state-run _Sunday Mail _say the workers allegedly withdrew US dollars from depositors’ accounts, and replaced them with local electronic money.

That’s when Zimbabwe’s electronic money was still pegged at an equal value to the US dollar.

The bank is alleged to have lost more than $1.1 million.

Nedbank Zimbabwe has confirmed the arrests.

Zimbabwe’s official exchange rate was floated in February, though the rates offered for scarce US dollars by commercial banks are still a lot lower than those offered on the parallel market.