Standard Bank Manager Raed Cupido Arrested in Drug and Firearms Bust
CAPE TOWN — The arrest of Raed Cupido, a 40-year-old marketing manager at Standard Bank, has reignited scrutiny of criminal activity involving bank employees across South Africa.
Cupido was apprehended on June 10 at a storage unit in Roeland Street, Cape Town. Police discovered 15 bricks of cocaine with an estimated street value of R18 million, along with an AK-47 assault rifle, five 9mm pistols, and a stash of ammunition.
Following his arrest, Standard Bank confirmed Cupido has been suspended pending the outcome of the criminal investigation.
This incident draws fresh attention to a series of recent high-profile cases involving financial sector employees:
In July 2024, Florika Shenay Owusu (31) and Abongile Tyusha (30)—former Absa Bank employees—were sentenced to 15 years in prison for fraud and money laundering totaling over R1 million, committed while working at the bank between 2019 and 2021.
On August 8, 2024, Mziwakhe Khumalo, another ex-bank employee, was handed a 15-year sentence for fraud and money laundering after illegally accessing a German client’s bank account and attempting to transfer R4.8 million.
In June 2024, Dr. Nomsa Praisy Masuku, a former Head of the CSI Programme at Standard Bank, was arrested for allegedly embezzling scholarship funds from the bank’s “Adopt A School Trust”—a program designed to support underprivileged students.
These incidents highlight growing concerns around internal security and misconduct within South Africa’s banking institutions. Law enforcement agencies, including the Hawks, continue to monitor financial crimes involving bank employees closely.
