South African Indians in Bank Fraud Case - The New Indian Express

South African Indians in Bank Fraud Case

Published: 21st January 2014 11:39 AM

Last Updated: 21st January 2014 11:39 AM

Four Indian-origin persons are among six former employees of one of South Africa's leading banking groups who are accused of being the kingpins in a scheme which defrauded the institution of millions of rands.

Noor Sheikh, his wife Sunitha, Arandra Mohan and Mahendra Bhoodoo joined Natasha de Waal and Clover Nortje in the dock in the magistrate's court in Newcastle to face the trial.

The judge adjourned the case till March 20 to allow the prosecution time to complete its investigations.

The Sheikh couple is alleged to have supplied falsified documents to arrange Standard Bank loans for customers that the other four accused recruited.

Charges against 64 other people, mainly those who were drawn into the scheme as customers, were withdrawn due to some of them being untraceable and others turning state witness.

The modus operandi was allegedly the production of false pay slips from fictitious companies which were then used to approve credit facilities, bank overdrafts and loans from the bank, which most of the customers traced said had not benefited them.

However, Noor Sheikh was allowed to travel abroad on the condition that he keeps the investigating officer informed of his movements abroad.

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