RBM Manager Arrested Over K354M Fraud

Police has arrested Reserve Bank of Malawi RBM manager of fiscal operations Charles Mchakulu, two other central bank’s employees as well as enterprenuer Lucy Rachel Sukali trading as Ideal stationery in connection to the theft of 354 million kwacha.

RBM spokesperson Mbande Ngwira confirmed about the missing of the millions, saying the fraud was discovered through a system of surveillance of transactions in the banking system.

“The suspects have been making unsupported transfers from a government ORT account to stationery supplier, Ideal Stationary,” Ngwira said.

According to police the figure involved has been revised from 340 million kwacha as investigations continue.

The four have been slapped with charges of conspiracy, theft and money laundering.