Johannesburg, South Africa – A group of 14 individuals and seven associated entities appeared at the Johannesburg Specialised Commercial Crime Court yesterday to face 224 counts of fraud. The charges stem from unlawful banking activities alleged to have occurred between July 2018 and January 2023.
The allegations centre around a former Nedbank forensic investigator, who allegedly issued instructions for the unauthorised transfer of over R157 million from Nedbank’s suspense account into the accounts of co-conspirators and associated companies.
These companies include Ivy League Group, Prometal Projects, Formosa Flora, Kitchen at Cost, and Gideon Inno Textiles. Multiple individuals among the accused are registered as directors and members of these companies.
A suspense account is utilised by Nedbank to secure funds currently under investigation. Numerous account holders at Nedbank have reported significant unlawful transfers from their accounts, leading to investigations by the bank.
Allegations suggest that instead of facilitating the rightful return of blocked funds to their owners, the former investigator directed the transfer of these funds to the accused’s accounts.
During yesterday’s court proceedings, the accused were released on bail amounts ranging from R2,000 to R20,000. They are scheduled to return to court on 29 January 2025.
One accused remains in custody pending a bail hearing set for 7 November 2024, awaiting the services of a Taiwanese interpreter.
