The Bank of Namibia (BoN) has refuted allegations of a fraud case involving N. dollars 60 billion which was allegedly stolen from Credit Union Namibia (CUN).

In a statement made available to the media on Thursday, BoN said according to the information available, at no point was such an amount transferred or deposited by any entity or individuals associated with CUN in the banking system in Namibia.

This follows reports on Wednesday which indicated that Theron Rupping Louie, who is the Chief Executive Officer (CEO) of CUN had opened a fraud case with the Namibian Police Force (NamPol) on Wednesday regarding the disappearance of the money.

The statement said all cross-border transactions are reported to BoN by commercial banks that are authorised dealers in foreign exchange transactions and the bank has concluded that there is no evidence to support the existence of such funds.

The central bank dispelled claims that its staff members or platforms are being exploited in fraudulent server-to-server transactions.

Source: The Namibian Press Agency