Three ABSA Bank Employees Sentenced To 15 Years In Jail For R190m Fraud
Three Absa bank workers convicted of defrauding the JSE and Samancor of millions of rands have been sentenced to 15 years in prison.
Dimakatso Prudence Ramakgole, 34, Seatile Pauline Senoamadi, 44, and Motsiri Peter Ramahlarerwa, 58, were convicted of R190 million fraud this week in Limpopo’s Mokopane Regional Court.
According to NPA provincial spokeswoman Mashudu Malabi-Dzhangi, the trial revealed how the syndicate accessed the portfolios of JSE Trustees and Samancor Foundation without authorization while working as Absa bank employees in Limpopo and Gauteng.
On July 26, 2019, the three lied that they were authorised to transfer R2.9m and made adjustments to the JSE’s banking portfolio, added their own.
“On 12 August 2019, a transfer of R30m was made from Samancor Foundation, and on 23 September 2019, an overall amount of over R158m,” said Malabi-Dzhangi.
Absa was forced to reimburse JSE and Samancor Foundation a total of R191 108 910.46.
The three accused’s defence lawyer requested the court to deviate from the recommended sentence because they were first-time offenders who were sorry.
The State, on the other hand, said that fraud was a severe threat to the economy and a national problem.
According to state advocate Sammy Mogoshi, there is a widespread belief in society that the courts must fight fraud by inflicting suitable sentences.
“The court agreed with the State that fraud as a white-collar crime is a national concern, and the only appropriate sentence is a custodial sentence,” Malabi-Dzhangi said.
“The NPA welcomes the sentence and hopes that the sentence will deter other would-be offenders from committing such crimes, and further restore confidence in the justice system.”
