Bank of Maldives (BML) has confirmed that an employee had abused his authority and embezzled MVR 4.9 million. 

It was reported earlier on Tuesday that two employees were suspended over the theft of cash amounting to MVR 10 million, however, BML revealed on Thursday via a media statement that stolen was MVR 4.9 million and that only one employee was implicated in the matter. 

The statement reads that the bank’s ‘internal audit found that one employee had abused his authority to access internal account, and had embezzled bank funds amounting to MVR 4.9 million.’

Following the investigation, BML has handed the case over to the Maldives Police Service (MPS) for further investigation and measures to be taken against the employee as the matter constitutes ‘serious misconduct.’

Highlighting that the bank has strong policies, procedures, systems and internal controls in place in order to detect internal wrong doing, BML stated that strict action will ‘always’ be taken if an employee breaches of any of them.

BML also stated that a proper investigation will be carried out by relevant authorities once any employee is caught acting out of order.