A former First National Bank (FNB) employee was sentenced by the Palm Ridge specialised commercial court for fraud. The court sentenced Sifiso Ndlovu to 15 years in prison for fraud, corruption and violating the Cybercrimes Act.
As an FNB financial administrator, Ndlovu exploited his position to transfer over R5-million from a dormant account. He transferred the funds into the accounts of his accomplices. They in turn made subsequent transfers into his account between June 2022 and July 2022.
Used own access to conduct fraudulent transactions
The 24-year-old was found to have engaged in fraudulent activities by bank fraud investigator Johan van Graan. Ndlovu accessed the FNB mainframe system using his credentials. He then 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.
Ndlovu pleaded not guilty. However, he was convicted on five counts including corruption, fraud and violating the Cybercrimes Act. He was sentenced to 15 years imprisonment for each offence, with the court ordering the sentences to run concurrently. This resulted in a total effective sentence of 15 years.
Senior state prosecutor Adele Carstens argued in aggravation of sentence. She said Ndlovu’s actions undermined the trust essential for commerce to function. This 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. The offence was not an impulsive act but a deliberate and meticulously planned scheme. This made his actions more reprehensible.
Acted outside the scope of his duties
The court found that Ndlovu acted outside the scope of his duties, abusing his password access for personal gain. His actions were a deliberate abuse of trust and a violation of his duties as a bank official.
The court further recognised the severity of the offence, which undermined the trust essential for commerce. His sentence reflects the seriousness of the offences. The court’s decision sends a strong message that there is severe punishment for financial crimes.
