Sunday, May 9, 2021

Multi-million Pula loan fraud rocks Stanbic Bank

Stanbic Bank Botswana has been badly caught out in an alleged loan fraud running into millions of Pula. In one case, believed to be the tip of an iceberg, an alleged fraud syndicate swindled the bank of more than P17 million between 2012 and 2014. The case has already been filed with the Village Magistrate Court where a couple is facing six counts of obtaining more than P17 million from Stanbic Bank by false pretences.

According to documents before the court, the multi- million Pula loan fraud ran the whole gamut from unsecured loans to mortgage loans. The couple Elinah Kemutu Zablon Tai, a female aged 32 and her husband Walter Mogi aged 37 together with; Tshepo Apadile and Maureen Muiruri as Directors of Bittersweet Holdings (PTY) LTD, Advicable Investments (PTY) LTD, Radzoa Holdings (PTY) LTD and Kabong Villa (propriety) limited acted together in concert and defrauded the Stanbic Bank over P 17 million.

According to the charge sheet, on or about 8th October 2012 in Gaborone, Tai, Mogi and Apadile cited as the Director of Bittersweet Holdings (PTY) LTD “with intent to defraud applied for and obtained mortgage loan of two million eight hundred and eight thousand pula (P2 880 000.00) from Stanbic Bank Botswana by presenting falsified bank statements from Bittersweet Holdings yet at the material time they knew that the said statements were false.”

On 3rd October 2012 the couple and Apadile with intent to defraud applied for and obtained one million three hundred thousand pula (P1 300 000.00) as a business working capital loan from Stanbic Bank Botswana by presenting falsified bank statements for Bittersweet Holdings.

A month later the couple accompanied by Apadile repeated its scam; on or about 3rd December 2012 in Gaborone with intent to defraud represented by Apadile applied for and obtained four million pula (P4 000 000.00) as a business working capital loan from Stanbic Bank Botswana by falsely pretending that Bittersweet Holdings (PTY) LTD had received orders to Supply University of Botswana Souvenirs (PTY) LTD with goods worth three million nine hundred and eleven Thousand Eight hundred and eight pula eighty thebe (P3 911 808.80).

The false representation caused Stanbic Bank Botswana to grant approval of the application for the business working capital.

On the fourth count the couple used Maureen Muiruri in her capacity as the Director of Advicable Investment (PTY) LTD “with intent to defraud applied for and obtained One hundred and fifty thousand pula (P150 000.00) as an unsecured Small and Medium Enterprises (SME) loan from Stanbic Bank Botswana by supplying Stanbic with FNBB statements of Advicable Investments (PTY) LTD.”

December 4th 2012, the couple used Maureen Muiruri again in her capacity as the Director of another company named Kabong Villa (Propriety) who applied for and obtained one Hundred and fifty thousand pula (P150 000.00 as an unsecured loan from Stanbic bank by supplying Stanbic Bank Botswana with forged Standard Chartered Bank Botswana Statements.

On the last count the couple used Apadile as the Director of Radzoa Holdings and obtained seventy five thousand pula P75 000.00 as an unsecured SME loan from Stanbic Bank by supplying Stanbic Bank with FNBB statements of Radzoa Holdings (PTY) LTD which were forged. The couple is represented by Letlhogonolo Makgane of Senamela Sekga attorneys while Susan Mongori stands in for the state.

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