HSBC

A bank manager within HSBC Malta was in recent weeks let go over suspicions he skimmed cash from clients’ loan accounts, Times of Malta reported on Monday.

It went on to report that the ex-manager is facing serious allegations that he withdrew from unutilised loan balances granted for reasons such as home improvements.

Indeed, home loans tend to include provisions for fixtures and fittings, with funds released to clients against the submission of invoices and receipts.

The report indicates that money was withdrawn by the bank official from bank clients’ accounts without their knowledge by the official in question drawing up bogus invoices and then processing them as legitimate requests.

Shockingly, the report also says that clients who noticed unauthorised withdrawals from their loan accounts would have their complaints directed to the individual suspected of making the fraudulent withdrawals.

The Times cites inside sources who claim the manager would then carry out further unauthorised withdrawals of other unsuspecting bank client accounts to make good for the unauthorised withdrawals flagged by clients.

The report quotes a police spokesperson who confirmed that investigations are ongoing, without providing further detail, and also cites an HSBC spokesperson who said the bank was not in a position to comment on cases relating to individual customers or employees.

Related

gozo

69% of businesses are having a better year than 2021, Gozo Tourism Association survey finds

November 28, 2022
by Arnas Lasys

79% of tourism operators reiterated that the most positive 2023 Budget measure is the subsidy of energy bills

EU ‘must show world it is open for business’ – Ian Borg

November 28, 2022
by Robert Fenech

The Foreign Minister said Malta is in favour of strengthening the EU’s free trade network

One of the world’s largest asset managers lands in Malta

November 28, 2022
by Robert Fenech

Fidelity International's financial solutions will be offered to Maltese investors through BOV and its intermediaries