Financial Crime World

URT: Falsification of Employee Lists for Loans Exposed

A shocking revelation has emerged from Dar es Salaam, where a group of individuals have been accused of falsifying lists of eligible employees to secure loans guaranteed by Peertech Company.

Fraudulent Activities

The suspects allegedly created and forged contracts, salary slips, and work IDs, which they then submitted to various banks in the city. They used these fake documents to access loans from NMB, CRDB, DT Bank, and all BOAs in Dar es Salaam.

Consequences of Fraud

Fraud is a broad criminal activity that can take many forms, including:

  • Exploitation of data
  • Hacking
  • Compromising personal identifiable information (PII)
  • Large organized fraud groups using vast money mule networks as third-party money laundering mechanisms to launder illicit proceeds from fraud and other financial crimes

Financial Crimes on the Rise

According to statistics from the Police Force, there was a declining trend in illegal acquisition of property offenses in 2020 compared to 2019. However, this does not mean that financial crimes are not still a significant concern.

Healthcare Fraud Exposed

A recent investigation by the Controller and Auditor General (CAG) revealed that false claims were submitted by health facilities and paid out a total of TZS14,409,200. The CAG also identified instances of:

  • Men receiving caesarean operations or normal delivery services
  • Members receiving full blood picture examinations more than once on the same day

Drug Trafficking Continues to Pose Threat

Drug trafficking remains a significant threat to public health in Tanzania and generates substantial proceeds for criminal organizations. The country’s location and porous borders make it an attractive transit point for drug traffickers.

High-Profile Arrests

In recent years, there have been several high-profile arrests of individuals accused of drug trafficking, including two Iranian nationals who were convicted of smuggling:

  • 111.02kg of heroin
  • 235.78 grams of cannabis resin

Conclusion

These cases serve as a reminder of the importance of vigilance and cooperation between law enforcement agencies to combat fraud and other financial crimes in Tanzania.