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Sagicor fraud at $65m

Published:Friday | December 9, 2022 | 1:36 AM

The multimillion-dollar fraud uncovered recently at Sagicor Bank has reportedly climbed to $65 million.

The police had indicated in October that more than $50 million was involved.

Two executives, Tricia Moulton, the manager of the Liguanea branch in St Andrew, and Malika McLeod, a personal banker, had been arrested and charged.

However, a senior officer at the Fraud Squad confirmed Thursday that the amount in question had increased.

The accused women are scheduled to make their first appearance in the Kingston and St Andrew Parish Court today.

Both are on $1-million station bail.

It is alleged that, between August and October, the women conspired to defraud United States currency accounts belonging to several Sagicor customers, using fraudulent accounts they created.

Sagicor said its management uncovered the breach through its internal security systems.

The bank, in a statement, said the investigation was handed over to the Jamaica Constabulary Force on Friday, October 21, and the implicated employees were suspended to facilitate the probe.

King’s Counsel Peter Champagnie has been retained by McLeod.