Former banker jailed 8 years for money laundering
April 26, 2015 10:47 pm
A former bank employee has been jailed for eight years after he pleaded guilty to eight counts of money laundering involving over $350,000.
30 year-old Vikash Prasad Mehta used eight different ANZ accounts to launder money to between May 22nd, 2012 and 5th September 2013.
The Suva High Court heard that in order to commit the offences, Mehta persuaded the account holders to agree to have the money deposited into their accounts and in turn they would allow him to withdraw from the accounts on request.
Internal audits revealed discrepancies in the accounts and after investigations, it was revealed that he 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 the entries were discovered.
Mehta was sentenced to eight years each for each count, to be served concurrently.
He will be eligible for parole after six years.