South Africa: Former FNB employee jailed for stealing R5 million from ‘dormant’ account

Due to fraud, corruption, and breaking the Cyber Crimes Act, a former employee received an effective 15-year prison sentence.

The Johannesburg Specialised Commercial Crimes Court, located in Palm Ridge, condemned 24-year-old Sifiso Ndlovu on Wednesday.

Ndlovu worked as a financial administrator.

According to the National Prosecuting Authority (NPA), Ndlovu exploited his position to transfer over R5 million from a dormant account into the accounts of his accomplices.

These accomplices subsequently transferred money into his account.

This happened in the months of June and July in 2022.

According to NPA spokeswoman Phindi Louw, “bank fraud investigator Johan van Graan discovered that the 24-year-old had engaged in fraudulent activities.”

Despite not being at work, he used his credentials to access the FNB mainframe system, alter customer notes, and print documents.

“He was seen on camera bundling documents so a colleague could take a picture of them.”

Ndlovu refuted the allegations against him, according to the NPA.

Nonetheless, the court found him guilty on five charges, including fraud, corruption, and breaking the Cyber Crimes Act.

“The court ordered the sentences to run concurrently, meaning that he received a total effective sentence of 15 years imprisonment for each offence.”

Because consumers rely on banks to protect their assets, the NPA stated that senior State prosecutor Adele Carstens argued in support of an increased sentence that Ndlovu’s conduct eroded the confidence necessary for commerce to function.

“Ndlovu exploited the very organisation that hired him and betrayed the trust placed in him by abusing his position.”

Carstens further argued that Ndlovu’s actions were not an impulsive act, but a deliberate and meticulously planned scheme, making his actions more reprehensible.

The NPA said the court’s decision sends a strong message that there is severe punishment for financial crimes.