FDA 170 million meticais fraud involved more than 80 transactions over two years – GCCC

Login

Register

http://www.clubofmozambique.com/

FDA 170 million meticais fraud involved more than 80 transactions over two years – GCCC

7:14 CAT | 04 Sep 2017

Gavel and sound block surrounded by euro coins

The theft of 170 million meticais (about 2.8 million US dollars at today’s exchange rate, but worth much more when the crime was committed) from the Mozambican Agricultural Development Fund (FDA) involved over 80 transactions in the course of two years, according to the Central Office for the Fight against Corruption (GCCC), cited in Monday’s issue of the Maputo daily “Noticias”.

The former chairperson of the FDA board, Setina Titosse, and 27 others are accused of a total of over 350 separate crimes, including active and passive corruption, fraud, embezzlement, abuse of office, payment of undue remunerations, money laundering, covering up corruption, and forming a criminal association. There are 80 separate counts against Titosse herself.

About 40 accounts in five commercial banks were used to receive the stolen money and to distribute it among the accused and other beneficiaries.

Although Titosse is accused of masterminding the fraud, much of the money (56 million meticais) was drained into an account operated by one of her alleged accomplices, Milda Cossa, who also channelled a further 17 million meticais into an account held by her brother.

To carry out the fraud, the accused drew up more than 20 fictitious agricultural projects. Many of these were supposedly to develop small and medium cattle breeding enterprises in Maputo, Gaza and Inhambane provinces. The most expensive of these projects was for 12 million meticais, taken out of the FDA in two instalments.

Goods acquired with the money stolen from the FDA, and now seized by the authorities, include buildings, vehicles and cattle.

The GCCC has amassed a great deal of documentary evidence, including bank statements, deposit slips, cheques, certificates of registration of the companies used in the fraud, the paperwork for the fictitious livestock projects, the papers for acquiring buildings with the FDA’s money, among others.

The trial of the 28 accused is due to begin in the Maputo City Court on 12 September.

Source: AIM