Ex-FNB employee jailed for stealing R5 million from ‘dormant’ account

A former employee has been jailed to an effective 15 years for fraud, corruption, and violating the Cyber Crimes Act.

Sifiso Ndlovu, 24, was sentenced in the Johannesburg Specialised Commercial Crimes Court, sitting in Palm Ridge 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 took place between June 2022 and July 2022.

“The 24-year-old was found to have engaged in fraudulent activities by bank fraud investigator Johan van Graan,” explained NPA spokesperson Phindi Louw.

“He accessed the FNB mainframe system using his credentials, updated customer remarks, and printed documents, despite being absent from work.

“Video footage showed him placing a document into a bundle for capture by a colleague.”

The NPA said Ndlovu denied the charges against him.

However, the court convicted him on five counts including corruption, fraud, and violating the Cyber Crimes Act.

“He was sentenced to 15 years imprisonment for each offence, with the court ordering the sentences to run concurrently, resulting in a total effective sentence of 15 years.”

The NPA said senior State prosecutor Adele Carstens argued in aggravation of sentence that Ndlovu’s actions undermined the trust essential for commerce to function, as people rely on banks to safeguard their assets.

“By abusing his position, Ndlovu betrayed the trust placed in him and exploited the very institution that employed him.”

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.

-IOL

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