Rushil Singh and sister denied bail in R150 million fraud case

Rushil Singh and his sister, Nishani Singh have been denied bail by the Palm Ridge Specialised Commercial Crime Court after being accused of alleged fraud totalling R150 million.

The two appeared in court on Wednesday where they were remanded in custody until their next appearance on 4 September.

Explaining her decision to deny bail, Magistrate Phindi Keswa said she was convinced by the State’s argument that they presented a flight risk.

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R150 million loan agreement

The siblings allegedly applied for a term loan agreement of over R150 million in April 2021.

“From January 2021 to March 2023, the pair, directors of Big Business Innovations Group (Pty) Ltd fraudulently submitted false Stanbic Guarantees when they applied for a working capital facility R35 million,” he said.

The siblings then breached the term loan agreement after exhausting the working capital facility.

“Investec Bank demanded guarantees from Stanbic. It was then established that the two guarantees were obtained fraudulently. As a result, Stanbic suffered an actual loss of over R150 million.”

Rushil was arrested on Monday, 26 August 2024, and Nishani handed herself to the Hawks on Tuesday.

The Singhs are also facing a criminal investigation in Ghana over the same forged bank guarantees.

Rushil Singh was released on R10 000 bail earlier this year

Singh was arrested at OR Tambo International Airport on 17 January this year after airport officials discovered a warrant for his arrest linked to a fraud case in November 2022.

The case was opened against him in June 2022.

According to News24, a fraud-accused Johannesburg-based businessman was granted R10 000 bail in January.

Singh appeared before the Pretoria Magistrate’s Court on 19 January after a brief appearance the previous day. He is facing a charge of fraud for allegedly claiming he could afford a R1 million credit card facility with Investec and Nedbank.

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