Bank employee convicted of stealing over MVR 400,000 from customers’ accounts

A former employee of the Bank of Maldives (BML) has been convicted of stealing over MVR 400,000 from the accounts of multiple customers.

The Criminal Court delivered its ruling against Ali Mazin, Hiyaavahi, B. Eydhafushi, on Sunday.

Mazin, who worked as a customer service agent at the bank, was accused of misusing the information he was privy to and the privileges he enjoyed to alter the information of 13 of the bank’s customers from the customer relationship management (CRM) system, and register them for internet banking without their permission over a period lasting from May 14, 2021 to September 23, 2021.

He then funneled large amounts of money from the customers’ accounts to his own bank account. The transfers he made totaled MVR 482,611.41.

According to the prosecution, he used the stolen money for Forex trade transactions.

Mazin pled guilty to fraud and signed a plea deal with the prosecution.

He had faced nine months and 18 days in prison for the charge. However, in light of the plea deal, he received a lesser sentence of 40 hours of community service and a MVR 56,200 fine. He was also instructed to pay compensation to the bank as agreed.

The BML had immediately suspended Mazin after it became aware of the theft. Following an internal investigation, the bank fired him and reported the case to the police.

The bank also replaced the money stolen from its customers.