FNB fraudster sentenced to 18 years imprisonment
Nadeem Arshad, and his two co-conspirators, defrauded the bank of more than R11m.
FRAUDSTER, Nadeem Arshad (39) was sentenced to 18 years imprisonment by the Durban Specialised Commercial Crimes Court today (Friday, November 5).
According to KZN NPA spokesperson, Natasha Ramkisson-Kara, Arshad was convicted for 26 counts of fraud and one count of money laundering for offences that occurred in March 2016.
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“Arshad and his two co-conspirators were account holders at First National Bank (FNB). On the day of the offence, Arshad cashed several cheques issued by his co-conspirators. They were able to issue the cheques even though their accounts were either empty or closed, thus defrauding the bank,” she said.
Kara added that as soon as the money cleared, Arshad moved the money into various other accounts.
“On the one day alone, they defrauded FNB of R11 470 000. Arshad was arrested after FNB found out what happened. His two conspirators are yet to be caught as one has fled the country while the other absconded during trial,” she said.
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She added that the state, led by the senior state advocate, Ashika Lucken and the regional court prosecutor, Reenai Ramouthar led video footage of Arshad doing the money transfers at various ATMs as well as the evidence of FNB employees.
“The Asset Forfeiture Unit, represented by state advocate, Beverly Mothilall, was granted a Section 18 order for R4 326 926 and the money was successfully recovered. Arshad is appealing both his conviction and sentence,” said Kara.
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