Access Forex Defrauded of $320,000 and R600,000 in Ghost Remittance Scam, Court Hears

Access Forex, a well-known money transfer company, was defrauded of approximately $320,000 (US$) and R600,000 in a sophisticated ghost remittance scam, a court has heard. The accused, Grace Makozho, 31, appeared before the Harare regional magistrate on Monday, where she faced serious charges of fraud, money laundering, and providing false information to authorities.

According to the National Prosecuting Authority (NPA), Makozho orchestrated the scam by creating fake remittance accounts within the company’s internal system. Using the credentials of a colleague, she generated ghost transactions and transferred large sums of money from Access Forex’s South African branch to multiple recipients in Zimbabwe.

The Scheme Unraveled

The court was informed that Makozho exploited her colleague’s access credentials to execute the fraudulent transactions. After creating the fake accounts, she allegedly transferred the funds to 91 different recipients in Zimbabwe. Among those recipients were her alleged accomplices, Dickson and Shepherd Gweshe, who are still at large.

Once the money was transferred, Makozho coordinated with the recipients to withdraw the funds from Access Forex tellers in Zimbabwe. She would then personally travel from South Africa to Zimbabwe to collect the cash after it was withdrawn. The stolen funds were reportedly used by Makozho to acquire various properties.

Makozho’s Attempt to Deceive Authorities

The scam was uncovered after an internal audit at Access Forex revealed the fraudulent transactions. Upon the discovery, investigators traced Makozho to her home in Chiredzi, Zimbabwe. When detectives arrived at her residence, Makozho initially denied her identity, claiming to be her sister, Milicent Kwangwari. However, after further investigation, Makozho admitted to lying to the authorities.

Investigators found a national identity card with Makozho’s name in her possession, which led to her confession. Despite her attempts to cover up the crime, the total amount defrauded was revealed to be a staggering $322,510 (USD) and R650,000, none of which has been recovered as of yet.

The Fallout and Ongoing Investigation

The case has raised serious concerns regarding internal security and fraud prevention within the remittance industry. Makozho’s actions have left Access Forex with significant financial losses, and her alleged accomplices, who are still at large, have further complicated the investigation. Makozho was remanded in custody and is awaiting her bail hearing.

The money laundering charges and the complexity of the scam highlight the increasing sophistication of fraud in the financial services sector. Access Forex has yet to recover any of the stolen funds, and the case continues to unfold.

This fraud case serves as a cautionary tale for money transfer companies about the need for stronger internal controls and security measures to prevent fraudulent activities. As the investigation progresses, it remains to be seen whether the full extent of the scam will be uncovered, and if Makozho’s accomplices will be brought to justice.

{Source ZimLive}

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