Fraud Squad detectives are probing a multi-million dollar fraud scheme uncovered at the Liguanea Branch of Sagicor Bank in St. Andrew.
Radio Jamaica News has been informed that two senior executives, including the manager of the bank, have been arrested and charged with multiple counts of fraud.
The two employees were on Friday picked up by detectives of the Counter-Terrorism and Organised Crime Investigations Branch (C-TOC).
Bank manager Tricia Monique Moulton, 40, has been charged with Conspiracy to Defraud, Access with Intent to commit or Facilitate an Offence, Unlawfully Making Available Device or Data for the Commission of an Offence and Computer Related Fraud.
She has also been charged with Breaches of the Proceeds of Crime Act and Larceny as a Servant.
The second accused, 42-year-old Malika McLeod, is a personal banker at the Liguanea Branch of Sagicor Bank.
Miss McLeod is also charged with Conspiracy to Defraud, Access with Intent to commit or Facilitate an Offence, Unlawfully Making Available Device or Data for the Commission of an Offence, Computer Related Fraud, Breaches of the Proceeds of Crime Act and Larceny as a Servant.
C-TOC alleges that over the period August 2022 to October 2022, the two women, in their senior capacities at the bank, conspired and defrauded the US Foreign Currency accounts of about six Sagicor customers of an undetermined sum of money.
It's further alleged that the accused women created fraudulent accounts in the customers' names, then transferred funds from the legitimate accounts to the fake accounts and thereafter stole the funds.
Investigators say one of the accounts has been verified to be defrauded of a total J$2.5 million.
The Fraud Squad said the unauthorised withdrawals were discovered during a routine internal audit exercise.
The audit is ongoing.
A highly placed source told Radio Jamaica News that the alleged fraud could rise to more than $60 million.
Miss Moulton and Miss McLeod were each offered station bail in the sum of $1 million and are to appear before the St. Andrew Parish Court on December 9.
The management of Sagicor Bank has confirmed that it uncovered fraudulent activities at one of its branches.
The bank said the fraud was detected through its internal security system.
Sagicor has sought to assure its clients that it takes the security and protection of its assets seriously, adding that it is constantly reviewing its operations to detect any anomalies.
The bank said it has handed over the matter regarding two of its employees to the Fraud Squad.
The employees have been suspended pending the outcome of the investigations.
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