The Criminal Investigation Department (CID) Asset Forfeiture Unit has obtained a warrant of search and seizure against Tetrad Investment Bank (TIB) management and directors in a case of fraud and money laundering.
The search warrant against the now-defunct bank and its directors was issued Thursday in terms of Section 50(1)(a) as read with Section 288 of the Criminal Procedure and Evidence Act (Chapter 9:07).
Tetrad was closed by the RBZ in December 2013 and was then placed in provisional liquidation in 2015.
In 2016, it was placed in final liquidation.
During its judicial management, a scheme of arrangement was devised to convert depositors’ funds and creditors’ dues into shareholding, with TCGT and directors taking control of the bank.
Some context:
The matter involves money laundering as defined in Section 8 (1)(a)(b) of the Money Laundering and Proceeds of Crime Act (Chapter 9:24) and fraud under Section 36 of the Criminal Law (Codification and Reform) Act (Chapter 9:24).
The accused are: