The SSL Scam Is Only Getting Worse And More Complex- According To The FID

The scope of the multi-million-dollar fraud at Stocks and Securities Limited (SSL) seems to be escalating and worsening with every report. Earlier this week, the police Fraud Squad and Financial Investigation Division (FID) revealed that numerous questionable transactions occurred on some of the accounts affected by the scam for at least a decade.

According to Selwyn Hay, FID’s chief technical director, the matter is being treated “with the highest priority” by the FID, the Fraud Squad, and the Financial Services Commission (FSC). However, it is still undefined how much money has gone missing from the accounts involved.

As the astonishing story broke last week, sources reported that monetary losses from the fraud totaled more than $1.2 billion and that Olympic legend Usain Bolt was one of more than 30 people whose investments had been affected by the massive fraud. Several media outlets reported on Monday that Bolt’s US$10 million investment had almost vanished and that only US$2,000 remained in his account, which he had opened in 2012 and had never withdrawn any of the funds.

As revealed in the investigation, this disclosure is consistent with the statement made by the main suspect, who stated that on several occasions since 2012, she made multiple withdrawals from the accounts under investigation of at least three clients. In addition, authorities are investigating the possibility that more than one perpetrator was involved in the fraud given the scale of the incident.

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A statement released by the FID explained that the case appears to be complex, stating that there are three main reasons for this; how many accounts were affected, what types of transactions took place on those accounts, and how long specific accounts were vulnerable to questionable transactions.

The FID also stated in response to the ongoing investigation, “We wish to assure the public that the work into unravelling this fraud will be thorough with a view to identifying all connected parties and bringing them to justice.”

As statements are still being compiled and interviews are being conducted, the FID admits the investigation is still in its early stages.