Seven suspects arrested in Pretoria on Tuesday were among the 14 people and seven associated entities who made their first court appearance at the Johannesburg Specialised Commercial Crime Court on Wednesday morning.
The suspects face a total of 224 counts of fraud linked to unlawful banking activities over nearly five years, from July 2018 to January 2023.
National Prosecuting Authority (NPA) regional spokesperson Phindi Mjonondwane said among the accused was former Nedbank forensic investigator Nicolette de Villers.
De Villiers allegedly issued instructions for the unauthorised transfer of over R157-million from Nedbank’s suspense account into the accounts linked to her alleged co-conspirators and several associated companies, including Ivy League Group and Formosa Flora.
“A suspense account is an account used by Nedbank to secure funds that are under investigation.”
Mjonondwane said numerous Nedbank account holders reported the unlawful transfer of funds from their accounts, which led to investigations by the bank.
According to Mjonondwane, De Villiers allegedly directed these funds, which should have been returned to their rightful owners, to the accounts of her associates instead.
“During today’s court proceedings, the accused were granted bail ranging from R2 000 to R20 000,” she said.
She said the accused are to return to court on January 29, 2025, for the inclusion of an outstanding suspect and to discuss possible disclosures related to the case.
“One of the accused, Yu-Wei Fang, remains in custody awaiting a bail hearing scheduled for November 7, due to the need for a Taiwanese interpreter during court proceedings.”
Mjonondwane said as the case unfolds, the NPA will ensure justice is served and that everyone involved in these illegal activities is held accountable.
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