BML employee withdraws money from customer accounts: BML issues refunds

Bank of Maldives (BML) has stated that they have reimbursed the lost funds to customers’ accounts, in connection with the case of an employee at the bank having fraudulently withdrawn funds from the accounts of customers.

The Criminal Court issued a verdict in connection with the case of an employee of the country’s national bank withdrawing money from the accounts of customers fraudulently, on Sunday.

The country’s national bank has revealed that they suspended the employee from his responsibilities as soon as the issue came to light.

The case came to light back in 2021.

Upon investigating the matter, BML found that the employee had misused the authority given to him as part of his job.

The bank clarified that the employee had withdrawn money from customers' accounts and used it for personal purposes.

After investigating the case, BML terminated the employee and reported the case to the Maldives Police Service (MPS) on 7 December 2021.

BML said that they have enhanced their regulations and procedures to detect any misconduct or negligence that may occur within the bank and have established internal controls.

The bank has also assured the public that if any employee violates the rules, the strictest measures would always be taken after investigations conclude.

BML also guaranteed the public that customers would not suffer any financial loss due to employee negligence or misconduct.

The case of a BML employee withdrawing money from customers' accounts was proven on Sunday.

Criminal Court on Sunday issued a verdict against Ali Mazin, native to Eydhafushi island of Baa atoll.

Mazin was charged for embezzlement, as he used his access to information and authority to withdraw money from customers accounts while working as a Customer Service Assistant at BML, between 14 May 2021 to 23 September 2021.

The Criminal Court verdict states that Mazin had altered information of 13 customers in BML's CRM system.

Further, the court ruling states that he registered internet banking for these customers without their permission.

The suspect is to have deposited a total of MVR 482,611.41 from 13 accounts as invalid credit card payments and forex transactions.

Mazin pleaded guilty to the charges against him.

The offence is classified as a fourth-degree crime, according to the agreement reached with the Prosecutor General’s Office (PG Office).

The punishment for the offence would have been one year, seven months and six days behind bars.

However, due to the agreement with the PG Office, Mazin’s sentence was reduced to nine months and 18 days.

Further, he was also sentenced to 40 hours of community service and fined a total of MVR 56,200.

The agreement also notes that Mazin will be required to compensate customers for their losses.