Two First Merchant Bank (FMB) employees in the northern Malawi district of Mzimba have been arrested for allegedly embezzling K10 million (about $27 777).
Inspector Kamunkhwala Chilinda of Mzimba Police Station on Tuesday identified the two as Chawanangwa Mughogho, 27, of Scot Mhango Village T/A Mtwalo in Mzimba and Dinala Mitawa, 29, of Chapola Village, T/A Chimwala in Mangochi.
Mughogho, a retail development executive, and Mitawa, a bank clerk, were arrested last Thursday following an audit at the institution.
“An audit exercise started on Wednesday and it showed that some money had been misappropriated. It was a routine exercise that is still going on to establish the actual value of the money that went missing,” said Chilinda.
He said the two have been charged with two counts of fraud and theft by servant. They appeared in court on Monday.
Chilinda said they have since been released on court bail.
“They were asked to pay K150 000 each which they did. They were to produce two sureties bonded at K500 000 non cash each.
“They are also supposed to leave Mzimba only after getting permission from Mzimba Police officer-in-charge. They are also to report to police every fortnight,” said Chilinda.
The two are expected to appear again in court on March 28.