On Thursday 2 June 2022, the Durban Specialised Commercial Crimes Court convicted Fadeela Kudoos (57) for fraud and money laundering.
Kudoos submitted a fraudulent application for finance to purchase a plastic moulding machine to make plastic bottles. The bank paid the supplier more than R2.7 million for the machine.
Investigations revealed that the supplier had not supplied the machinery nor had they received a deposit from Kudoos as stated in the invoice which was submitted to the bank.
It was established that Kudoos instructed the supplier to make various transfers of the money, which formed part of the proceeds of unlawful activities to pre-determined beneficiaries.
He will be sentenced on 20 September 2022.
