Banking Fraud Cases in Fiji: High-Profile Case Sees Woman Sentenced to Seven Years Imprisonment

A high-profile banking fraud case has come to an end with a former employee of Vinod Patel Company, Monika Monita Arora, being sentenced to seven years’ imprisonment for money laundering and corrupt practices. The sentence was handed down by Judge Temo of the High Court of Fiji on February 17, 2012.

The Case Against Arora

Between January 6, 2006, and May 11, 2007, Arora cashed approximately 36 forged cheques from her employer at ANZ Bank Centrepoint, resulting in a total loss of FJD 472,466.47. The fraud was discovered by Vinod Patel Company’s Chief Financial Controller, Kumar Shankar, who noticed irregularities in the company’s bank statements.

The Investigation and Charges

Arora was charged with money laundering and corrupt practices after attempting to bribe an accountant working for Vinod Patel Company with FJD 10,000 to drop his investigation into the suspicious cheques. She claimed that she had given the stolen funds to her supervisor, Umakant Patel, and Kumar Shankar, but this claim was denied by both men.

The Trial

Following a nine-day trial, three assessors unanimously found Arora not guilty of the two charges against her in December 2011. However, Judge Temo rejected this finding, convicting Arora on both counts and citing concerns over the credibility of the prosecution witnesses compared to Arora’s testimony.

The Sentence

Arora was sentenced to seven years’ imprisonment with a non-parole period of six years. Only FJD 41,272.38 of the stolen funds were recovered by Vinod Patel Company.

Lessons Learned

The case highlights the severity of banking fraud in Fiji and the importance of effective investigations and prosecution to bring perpetrators to justice. It also underscores the need for greater vigilance among financial institutions to prevent such crimes from occurring in the first place.

• The case emphasizes the need for robust internal controls and monitoring mechanisms to detect fraudulent activities.
• It demonstrates the importance of cooperation between law enforcement agencies, regulatory bodies, and financial institutions to combat banking fraud.
• The case serves as a warning to individuals who may be considering engaging in similar criminal activities: those found guilty will face severe consequences.