Bank Director and Soldier Arrested in Morocco Loan Fraud Scheme

According to Assabah, the director in question, the mastermind of an organized gang, was in cahoots with the soldier who provided him with the forged documents in order to put together loan application files in the name of soldiers of the Royal Armed Forces. Once the files were submitted to the bank, they were validated by the bank director and then forwarded to the head office for approval, the same source details. As soon as the green light was given by the hierarchy, the granted funds were released and transferred to the soldier’s account who was doing the distribution, the daily newspaper continues. The bank executive received large sums of money as bribes at the end of these operations.

The newspaper points out that the fraudulent operations were running smoothly between the two individuals until the day the soldier found himself at the heart of persistent suspicions of forgery of employment and salary certificates. The cat was let out of the bag after a thorough investigation under the supervision of the Attorney General.

The investigations and verifications led the investigators on the trail of the bank branch manager who was unable to conceal the numerous violations noted by the Central Supervision Commission on the processing of loan application files and their validation despite their illicit nature.

The accused were placed in pre-trial detention on Monday last week by the investigating judge in charge of financial crimes at the Rabat Court of Appeal.