Suspects of the fraud and money laundering in connection with Nedbank. Image by hawks.
(The Post News)- Thirteen of fourteen suspects, including a former Nedbank employee, arrested for alleged involvement in a R157 million fraud scheme, have been granted bail. The bail amounts ranged between R2,000 and R20,000. The defendants were arrested on Tuesday on allegations of fraud as well as money laundering in relation to Nedbank.
The group’s criminal act is believed to have originated from accounts maintained at Nedbank’s suspense account, and the brains behind the multimillion fraud are Nicolette De Villiers, a former Nedbank employee.
De Villiers has worked for 16 years at Nedbank as a forensic investigator. According to Phindi Mjonondwane, Nedbank uses the suspense account to secure funds under investigation. De Villiers is accused of approving the transfer of funds from a financial institution’s suspense account to accounts belonging to friends and business companies. Several of the defendants are registered as directors and members of the business organizations.
According to Phindi, Nedbank was able to conduct an investigation because a number of account holders reported major illegal transfers from their accounts. The accusations suggest that instead of facilitating the rightful return of blocked funds to their owners, De Villiers directed those funds to the accused accounts.
During the bail hearing, it was found that De Villiers, 37, only has a matric certificate despite her specialized work. She collaborated with an ex-Nedbank colleague, Keitumetse Mathimbi, to channel R90 million to his business, which used another accused’s Nedbank account to make loan payments.
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