Bank officials under scrutiny after bank employee arrested in drug and gun bust

THE criminal dealings of bank officials are under the spotlight once again after Standard Bank suspended a marketing manager following his arrest in connection with a major drug and firearms bust.

- TRACY-LYNN RUITERS

Raed Cupido, 40, was arrested on June 10 at a storage unit in Roeland Street, Cape Town, where police allegedly discovered 15 bricks of cocaine worth R18 million, an AK-47 rifle, five 9mm pistols, and a stash of ammunition in his possession.

Cupido’s case has reignited attention on a series of incidents involving bank employees implicated in serious crimes.

In July 2024, two former Absa bank employees in the Eastern Cape were sentenced to 15 years’ imprisonment for fraud and money laundering involving more than R1m.

Florika Shenay Owusu, 31, and Abongile Tyusha, 30, were sentenced by the Gqeberha Specialised Commercial Crimes Court for offences committed between November 2019 and June 2021 while working at Absa.