Net widens in BancABC P20m "heist"

Motswagole
Motswagole

Investigators following the trail of more than P20 million allegedly diverted from BancABC’s New York account, have asked the High Court to seize even more property belonging to the suspect and related parties in the matter.

The State believes that starting from October 9 last year, Trevor Thomo Boiteto, a former money market dealer at the bank, diverted a sum of about US$2.1 million, shortly after the sum had been transferred from another foreign currency account in South Africa. He then allegedly proceeded to shuffle the funds between different accounts, covering his tracks with falsified orders, before crediting accounts including Fleming Asset Management and Boldmark Engineering.

In March, Lobatse High Court judge, Justice Reuben Lekorwe approved the freezing of seven accounts linked to the matter holding different currencies including US dollars and Rands. He also ruled that property, including two vehicles, involved in the suspected money laundering case be seized pending finalisation of proceedings for civil forfeiture.

Editor's Comment
CoA brings sanity to DIS/DCEC long-standing feud

This decision follows the raiding of the office of the former Director General of the DCEC, Tymon Katlholo early 2022 and his staff officer by the DIS operatives who reportedly took files that they had targeted.After all back and forth arguments, the CoA has set the record straight giving an invaluable lesson to the DIS that it was no super security organ and it does not have any powers to cogently supervise other security organs including the...

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