FORMER FNB EMPLOYEE SENTENCED TO 15 YEARS FOR FRAUD, CORRUPTION AND CYBERCRIMES
The Johannesburg Specialised Commercial Crimes Court sitting in Palm Ridge has sentenced Sifiso Ndlovu (24), to 15 years in prison for fraud, corruption and violating the Cybercrimes Act. As a First National Bank (FNB) financial administrator, Ndlovu exploited his position to transfer over R5 million from a dormant account into the accounts of his accomplices, who made subsequent transfers into his account between June 2022 and July 2022. The 24-year-old was found to have engaged in fraudulent activities by bank fraud investigator Johan van Graan. He accessed the FNB mainframe system using his credentials, 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 but 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, resulting in a total effective sentence of 15 years.
Senior State Prosecutor Adele Carstens argued in aggravation of sentence that Ndlovu’s actions undermined the trust essential for commerce to function, 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, making his actions more reprehensible.
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. The sentence reflects the seriousness of the offences. The court’s decision sends a strong message that there is severe punishment for financial crimes.
