ADB official in ?380m fraud

The Management of the Agricultural Development Bank (ADB) has uncovered a computer fraud involving about ?380 million allegedly committed by one of its officers.

Highly placed sources said in Accra that the officer , Mr Xoese Kazu Senaya, is a Customer Service Officer with the bank’s branch at Gulf House. Senaya who is now helping the police in their investigations is on police enquiry bail

So far, ?30 million cash, a house at Ablekuma, a suburb of Accra and two saloon cars -— Opel Vectra and a BMW — have been retrieved from Senaya, who has been with the bank for 17 years.

The sources said the fraud had been committed through the manipulation of a computer software the bank is using.

Investigations show that the bank has account into which interests on fixed deposits, for instance, are paid into before they are disbursed

However, Senaya allegedly transferred some of the interest earnings of the bank which should go into a special account, into his specially established “shadow accounts”.

The diversion of the accounts, which began in October last year, was detected about three weeks ago when a cheque which was presented to another bank raised suspicion.

The amount involved prompted the receiving bank to make a further check from a superior officer and unfortunately luck ran out for Senaya.

Sources said the amount does not belong to customers but to the bank. However, the good news is that steps would be taken to recover the amount through fidelity cover.

Meanwhile, the bank has sent special teams to check its various branches to find out whether similar fraud had taken place.