How to rip off a bank and launder the money

city-press.news24.com

- city-press.news24.com | 3 months ago

Overblown fake invoices and moving millions of rands through SA in a shoebox are just some of the waysMoney stolen from Small and Medium Enterprises (SME) Bank Namibia, via South Africa, until 2017 is only a part of the cash moving through a “money laundering machine” – moving up to R500 million a month in Johannesburg, claim the SME Bank’s liquidators.

A new legal application was launched in a Namibian court last week, with an affidavit by liquidator Ian McLaren containing precise details of cash deliveries around South Africa’s commercial capital. The alleged mastermind behind the defrauding of SME, shareholder Enock Kamushinda, insisted on getting his money at The Maslow hotel in Sandton and sometimes deposited cash at bank branches at Bedfordview mall.

This is according to new testimony by the man delivering the cash, Johannesburg businessman George Markides.

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