Nedbank employee convicted for stealing millions from the bank

A former universal banker at Nedbank’s Makhanda branch, Violet Nontsikelelo Sishuba, was found guilty on 40 counts of fraud and five counts of violating the Prevention of Organised Crime Act 121 of 1998.

This after the bank reported that over R3.8-million was stolen by Sishuba in fraudulent actions that took place between July, 2021 and August 2021.

She was sentenced to 28 years in prison by the Gqeberha Specialised Commercial Crimes Court on Wednesday.

To spend effective 41 years in jail

Sishuba,41, will spend 18 years behind bars as her sentence will run concurrently with other terms.

In court, it was revealed that Sishuba was in charge of keeping track of her daily transactions and balancing the cash in the teller safe. These records were checked against data that came from the bank’s system.

She admitted, in her written guilty plea, to willfully and illegally engaging in the crime. Sishuba admitted to moving large quantities of money from Nedbank’s primary account to multiple accounts that she managed. She also moved money to an account of accomplice, who wasn’t employed by the bank.

Sishuba recorded false “inter teller cash in” and “inter teller cash out” transactions. This was to conceal these fraudulent transfers.

The court heard that Sishuba was earlier convinced to engage in an allegedly genuine investment scheme. That was after meeting her accomplice, who worked at a nearby retail business.

Sishuba later found herself in financial trouble after depleting her money on these investments. She also taken out loans for other investments that didn’t materialise.

Theft was discovered by bank’s internal audits

In an attempt to recoup her losses, she started embezzling money from Nedbank. This was in order to reimburse the people she thought had made investments with it.


The fraudulent actions were discovered when Nedbank’s internal investigation was initiated. The probe was initiated by a difference in the branch’s daily reports.

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

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 Eastern Cape Director of Public Prosecutions, Barry Madolo, commended the case. He said the case serves as a stark reminder of the repercussions of exploiting employers. It also highlights the crucial importance of honesty and compliance in the financial sector.

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

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