Former bank worker gets 8 years for money laundering

A former bank worker has been found guilty of eight counts of money laundering and has been sentenced by the Suva Magistrates Court to eight years imprisonment.

The court heard that from 22nd May 2012 to 1st October 2013 while working for the bank Vikash Prasad persuaded a number of bank account holders to agree to have sums fraudulently deposited into their accounts and in turn they would allow Prasad to withdraw from the accounts on request.

While sentencing the 30-year-old, Chief Magistrate Usaia Ratuvuli said Prakash laundered sums ranging from $1,000 to $226,911.75 in different account numbers.

Chief Magistrate Ratuvili said internal audits revealed discrepancies in the accounts and after investigations - it was revealed that Prakash laundered a total of $356, 702.36.

Of this amount only $3,370 was recovered while the Bank reversed transactions to the amount of $11,612.15 after Prakash’s fraudulent entries were discovered.

The father of one will be liable for parole after he serves six years imprisonment.