CFO and attorney arrested for fraud, corruption, money laundering, Durban

South African Police Service

0
CFO and attorney arrested for fraud, corruption, money laundering, Durban
CFO and attorney arrested for fraud, corruption, money laundering, Durban

The Directorate for Priority Crime Investigation (DPCI) Durban Serious Corruption Investigation arrested four suspects aged between 27 and 44 for fraud, corruption and money laundering.

It is alleged that during the period November 2018 and October 2019, the Chief Financial Officer made misrepresentations to Coastal KZN TVET College with regard to a lucrative investment opportunity for the institution.

The Chief Financial Officer allegedly colluded with an attorney to create an investment proposal purporting to have come from a bank.

It was then presented and accepted by the college. As a result, the college invested R30 million into a bank account similar to that of the college when in fact it was false.

The college later discovered that no investment was never made on their behalf.

The Hawks were consulted to investigate culminating in the arrest of the suspects. They are expected to appear in the Durban Specialised Commercial Crime Court.

SAPS Newsroom

South Africa Today – South Africa News

Disclaimer: The views of authors published on South Africa Today are their own and do not necessarily represent the views of South Africa Today. By viewing, visiting, using, or interacting with SouthAfricaToday.net, you are agreeing to all the provisions of the Terms of Use Policy and the Privacy Policy.