Capitec Bank, Led By South African Billionaire Michiel Le Roux, Uncovers Major Employee Fraud

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capitec bank led by south african billionaire michiel le roux uncovers major employee fraud

Capitec Bank, a leading retail bank co-founded and partly owned by South African billionaire Michiel Le Roux, recently dismissed several employees involved in a debit order switch manipulation scheme.

The forensic services department received a tip-off about employees at the KwaMashu Midway Crossing Branch manipulating the banking system. The implicated employees used external bank account numbers that did not belong to clients during debit order switch submissions.

They aimed to increase the number of debit order switches to qualify for the bank's "branch team awards." As a result, the bank fired 12 service consultants.

Competitive banking sector and internal fraud

The competitive nature of South Africa's banking sector drives banks to entice consumers to switch their financial products, including home loans and investments.