Standard Bank has confimed that it lost R270 Million between December 17 2020 and January 26, 2021 to four Chinese nationals, who are also its customers.
The four fraudsters are Xinan Bao, Zhongyou Zhang, Guoyou Tang and Yufang Guo who run retail businesses in Gauteng and North West provinces.
Bilal Kajee, of Standard Bank Risk Management , told the Sunday World Newspaper that the four fraudsters identified a 45 window period during which day and night files are processed.
During this time, the balances in the customer ‘s accounts only reflected the balances in the day file
The fraudsters performed transfers between their 11 back accounts to enhance the balances and sent the loot into Bitcoin operators bank accounts held at Nedbank, Absa and Capitec.
Standard Bank has now approached the High Court to compel the three banks to provide identities of the cryprocutrency operators. They want to recover funds that were sent to four Bitcoin wallets, whose owners are not known.
The practice is popularly known as kite flying.
Please read the full story in today’s Sunday World – 14 March 2021.Â
