On Thursday, 29 July 2021, the Durban Specialised Commercial Crime Court convicted and sentenced Riaan Lyle Begbie (41) for vehicle finance fraud and money laundering.
Begbie submitted an application for vehicle finance to Absa Bank to finance various vehicles purchases at Approved Auto in Durban. His application was approved and he signed documentation to confirm receipt of the vehicles.
As result, an actual loss of R1 689 480-70 was suffered by the bank.
The Hawks’ Serious Commercial Crime Investigation team arrested Begbie in July last year and he was released on a R3000-00 bail.
He appeared in the Durban Specialised Commercial Crime Court several times until he was convicted and sentenced to six years imprisonment which was suspended for five years on condition that he is not convicted of fraud during the period of suspension.
He was further fined R180 000-00 which will be paid in instalments.
