BML: We took immediate action; replaced stolen money

The Bank of Maldives (BML) said on Monday that it took immediate action after it noticed one of its employees may have stolen money from customers’ bank accounts.

The remarks come a day after Ali Mazin of B. Eydhafushi, one of the bank’s former customer service agents, was convicted of stealing over MVR 400,000 from 13 of the bank’s customers in 2021.

In a statement on Monday, the BML said that it immediately suspended Mazin and opened an internal investigation after it became aware of the situation.

“The bank found the employee misused his position to take money from customers’ bank accounts for personal use,” said the bank.

BML said it suspended Mazin following the investigation, and reported him to the police on December 7, 2021.

“And the bank deposited money to the accounts of the customers to replace what they lost,” added the bank.

BML said it has enhanced regulations and policies and has internal controls in place to identity any wrongdoing or act of negligence that may take place within the bank.

“The bank will investigate and take strict action against any employee who acts in violation of regulations,” said the bank.

The bank also provided assurance its customers will not suffer any financial loss from an act of negligence or an act in violation of regulations by any of its employees.

According to court documents, Mazin altered the information of 13 of the bank’s customers from the customer relationship management (CRM) system, and registered 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.

He used the stolen money for Forex trade transactions.

Mazin signed a plea deal with the prosecution, and was sentenced to 40 hours of community service and a MVR 56,200 fine. He was also instructed to pay compensation to the bank.