FORMER National Microfinance Bank (NMB) official Mtoro Midole and two others yesterday appeared before the Kisutu Resident Magistrate's Court in Dar es Salaam, charged with conspiracy to commit money laundering, fraud and theft of over 1bn/- belonging to the financial institution.
Midole was charged before Senior Resident Magistrate Hellen Riwa along with Daudi Kindamba and John Kikopa, both businessmen.
They denied the charges and were committed to remand custody as the offences they are facing are not bailable. The case has been set for preliminary hearing on August 1, as investigations into the matter have been completed, according to the prosecution, led by State Attorney Pius Hilla.
The accused allegedly conspired to steal the money from the bank between January 1, 2007 and July 30, 2009. Within the period in question, the prosecution alleged, fraudulently and without claim of right, jointly and together, the trio stole 1,029,454,383/64, property of the bank.
The prosecution alleged that between January 1, 2007 and July 30, 2009, at NMB headquarters in Ilala District in the city, Midole made false entries into NMB Suspense Account by debiting 579,887,395/26 he transferred into a personal account of Kindamba maintained at the bank's Magomeni Branch.
It is claimed that within the same period at the bank, Midole made false entries into the NMB Suspense Account by debiting 389,038,786/41 and other 60,528,201/97 he transferred into account of Cariton Trading Company and Jacques Investment, respectively, both maintained at the bank's Bank House Branch.
Midole was also charged with two money laundering offences for transferring the said 1,029,454,383/64 from a bank account to personal accounts and converting into immovable property part of the money he received from Kindamba and Kikopa, while knowing that it was an act of stealing, a predicate offence.
Kindamba was also charged with two money laundering counts for allegedly acquiring 579,887,395/26 transferred from the bank's account to his personal account and spent part of it to build a house at Mabibo for the purpose of disguising the illicit origin of the said money.
The prosecution charged Kikopa with three money laundering offences for allegedly acquiring 449,566,988/38 transferred from the bank's account to his personal account and converted part of it to building a house at Mbezi, while he knew that such an act amounted to stealing.
The three accused persons were charged with another joint count of occasioning loss to a specified authority. The prosecution told the court that by their willful acts, Modole, Kindamba and Kikopa caused NMB to suffer a pecuniary loss of the said 1,029,454,383/64.
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