Police investigations have revealed that the businesswoman and security guard from Port Kaituma, North West District lied about being robbed by three foreign nationals.
The businesswoman and security officer initially told detectives that they were walking towards the waterfront when they were robbed of $500,000 by the foreigners who were armed with a gun.
However, the woman has since admitted to police that the report was fabricated.
Police Headquarters, in a statement, explained that the security guard reportedly lost the money, which was given to him by a third party to purchase items.
The businesswoman and security guard have since been arrested as investigations continue.