Former Nedbank banker sentenced to 28 years imprisonment for R3.8m fraud

A former universal banker at Nedbank’s Makhanda branch received what the court believed was a fitting sentence for embezzling millions from the bank.

The Gqeberha Specialised Commercial Crimes Court sentenced Violet Nontsikelelo Shishuba, 41, to 28 years imprisonment following her conviction on 40 counts of fraud and five counts of contravention of the Prevention of Organised Crime Act 121 of 1998.

The fraudulent activities perpetrated by Shishuba amounted to over R3.8 million, occurring between 30 July 2021 and 18 August 2021. With certain sentences running concurrently, she will serve 18 years in prison.

Investment scheme involved

National Prosecuting Authority (NPA) spokesperson in the Eastern Cape, Luxolo Tyali, explained that Shishuba was responsible for balancing the cash in her teller safe with her daily transactions, which were verified against reports generated from the bank’s system.

“In her written guilty plea, she acknowledged unlawfully and intentionally transferring significant sums of money from Nedbank’s main account to several accounts under her control and those of an accomplice who was not a bank employee,” Tyali said.

“She recorded false ‘inter teller cash in’ and ‘inter teller cash out’ transactions to conceal these fraudulent transfers.”

The court learned that Shishuba met her accomplice, employed at a local retail store, and was persuaded to invest in a seemingly legitimate investment scheme.

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After draining her savings and taking out loans for further investment, Shishuba found herself in financial distress when promised returns failed to materialise.

Desperate to recover her losses, she began embezzling funds from Nedbank to make payments to the individuals she believed had invested her money.

The fraudulent activities came to light when a discrepancy in the branch’s daily reports prompted an internal investigation by Nedbank.

This investigation revealed the extent to which Shishuba had misappropriated funds through a series of deceptive transactions, camouflaged by false financial figures.

‘Blatant disregard for law’

In arguing for a fitting sentence, state advocate Ulrike De Klerk emphasised the seriousness of Shishuba’s offences and the necessity of holding individuals accountable for their fraudulent actions.

“The court concurred, asserting that Shishuba’s conduct displayed a blatant disregard for the law and underscored the need for accountability,” Tyali added.

Eastern Cape Director of Public Prosecutions, Barry Madolo, welcomed the sentence and commended the efforts of the prosecution team, police, and Nedbank’s internal investigation units for their diligent work in bringing the case to court.

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“This case serves as a stark reminder of the repercussions of exploiting employers and highlights the crucial importance of honesty and compliance in the financial sector,” Madolo said.

“Serious commercial crimes threaten the economic stability of our country; therefore, the NPA is committed to adopting an aggressive stance in prosecuting such offences.”