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The report indicates that money was withdrawn by the bank official from bank clients’ accounts without their knowledge by the official in question drawing up bogus invoices and then processing them as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.
Malta businesses face tougher consequences for failing to follow sanctions guidelines
Failure to put appropriate sanctions controls in place may also be used as evidence in criminal proceedings
Government announces three changes to First-Time Buyers scheme
The scheme will be extended to non-first-time buyers, but whose second residence will become their primary and only residence
Joseph Portelli’s SPAL unveils VisitMalta as main shirt sponsor
The latest sponsorship means Malta’s national tourism brand will feature on the club’s shirts