2 Sagicor Bank Employees Suspended and Charged for Multimillion-Dollar Fraud

Head of the Counter-Terrorism and Organized Crime Division (CTOC), Assistant Commissioner of Police Anthony McLaughlin, confirmed earlier today that the two employees involved in the multimillion-dollar fraud case at the Sagicor Bank, have been charged and suspended from all work duties.

The names of the individuals have not been released to the public and will remain as such until they appear before the court and stand trial. Also, the branch where the incident occurred is yet to be disclosed.

Reportedly, Sagicor found out about the ongoing fraudulent schemes by bank management via its state-of-the-art internal security systems. A statement issued to The Gleaner by the bank said, “The investigation was handed over to the Jamaica Constabulary Force on Friday, October 21, 2022, and the implicated employees, have been suspended to facilitate the progress of the investigation.”

It continued, “We wish to assure our clients that we take the security and protection of their assets very seriously. We constantly review our operations rigorously in order to promptly detect anomalies and liaise with the authorities to ensure that those responsible, face the full legal ramifications.”

The declaration was imparted under the name of the Executive Vice president of Shared Services in Sagicor Group Jamaica, Karl Williams. It was also disclosed that in order for the company to guarantee an ethical legal process, the bank will no longer issue any details on the case.

This revelation is the latest account of fraud discovered locally in a financial institution, whereby in July, the National Commercial Bank (NCB) was embroiled in a similar scandal. A retail support officer was caught and charged with violating the Proceeds of Crime Act and Cybercrimes Act and larceny as a servant. It was alleged that the individual, Arsenio Johnson, had defrauded the bank of no less than $5.8 million.

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