According to police, three former employees are suspected of using an electronic device to scan the identification cards of about 45 teachers, used their file numbers to apply for loans via email in 2016 and received the money.
Police believe they were assisted by someone at the Teaching Service Commission.
The money was paid into different accounts while the teachers were paying loans from their fortnight salaries, police said.
It was alleged that by the time deductions from the victims’ accounts had been stopped, more than K600,000 had already been obtained from FinCorp.
Police said after they were terminated from their jobs, one suspect was arrested by Central CID, his file was completed with a charge of conspiracy but the case was struck out by the court due to lack of evidence.
It was alleged that no investigation was done until two similar online applications were lodged for K8000 and K7400 this year.
Police were alerted and while FinCorp officers managed to get the suspect to sign a document for a loan to be processed, negotiations were done for a meeting at Vision City.
The suspect was apprehended by police.
He was questioned about his accomplice who had sent him to obtain the statement and get the loan.
Police said they believed the fraud was carried out by people in the Teaching Service Commission and FinCorp.
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