Former FNB employee jailed for 15 years for stealing R5 million

A former First National Bank (FNB) employee who stole R5 million from his employer within a month has been handed a 15-year jail sentence.

Sifiso Ndlovu appeared in the Johannesburg Specialised Commercial Crimes Court sitting in Palm Ridge on Wednesday, where the sentence was handed down.

Ndlovu was sentenced on five counts, including corruption, fraud, and violating the Cybercrimes Act. The court ordered the sentences to run concurrently, resulting in a total effective sentence of 15 years.

Ndlovu, who was 22 years old at the time of the offense, pleaded not guilty to all the charges.

‘Undermining trust’

During court proceedings, senior state prosecutor Adele Carstens argued that Ndlovu’s actions at FNB undermined the trust essential for commerce to function, as people rely on banks to safeguard their assets.

Carstens said by abusing his position, Ndlovu betrayed the trust placed in him and exploited the very institution that employed him.

“The offence was not an impulsive act but a deliberate and meticulously planned scheme, making his actions more reprehensible.”

The court found that Ndlovu acted outside the scope of his duties at FNB, abusing his password access for personal gain. His actions were deemed a deliberate abuse of trust and a violation of his responsibilities as a bank official.

The court further recognised the severity of the offence, which undermined the trust essential for commerce.

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Financial crime

National Prosecuting Authority (NPA) spokesperson Phindi Mjonondwane said Ndlovu worked as a financial administrator at FNB and used his position to transfer the money between June and July 2022.

“Ndlovu exploited his position to transfer over R5 million from a dormant account into the accounts of his accomplices, who made subsequent transfers into his account 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. 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,” Mjonondwane said

Mjonondwane said that the sentence reflects the seriousness of the offenses and added that the decision sends a “strong message” about the severe punishment for financial crimes.

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