R1.2m Fraudster Handed 18-Year Prison Sentence for Stealing Money From 81 Students

R1.2m Fraudster Handed 18-Year Prison Sentence for Stealing Money From 81 Students

  • An Eastern Cape man has been sentenced to 18 years in prison on charges of fraud and money laundering
  • He admitted to defrauding 81 students and staff members of R1.2 million, this resulted in some students dropping out
  • Siyambonga Mhlakaza said that he was approached by an employee of Walter Sisulu University's financial aid office

PAY ATTENTION: Click “See First” under the “Following” tab to see Briefly News on your News Feed!

EAST LONDON - Siyambonga Mhlakaza has been sentenced to 18 years in prison for fraud and money laundering after he confessed to being part of a scam that siphoned R1.2m from Walter Sisulu University to his bank accounts.

The money had originally been earmarked for staff salaries and to help financially disadvantaged students.

Crime, prison, fraud, R1.2 million, Walter Sisulu University
Siyambonga Mhlakaza was sentenced to 18-years in prison. Photo credit: South African Police Service
Source: Facebook

As a result, 81 students were affected and some were forced to drop out of university due to financial challenges. Mhlakaza was sentenced to prison for money laundering and on 81 counts of fraud.

Read also

Family allegedly defrauded steel company of R1.2 million using fake invoices

Luxolo Tyali, Regional Spokesperson for the National Prosecuting Authority said that Mhlakaza had pleaded guilty to diverting the funds meant for staff salaries and needy students according to SABC News.

Enjoy reading our stories? Download the BRIEFLY NEWS app on Google Play now and stay up-to-date with major South African news!

News24 reported that Mhlakaza, a Rhodes University dropout, had worked with an official in the university's financial aid office.

The National Prosecuting Authority (NPA) revealed that Mhlakaza said that he was approached by an employee in the university's financial aid office who had asked for his bank account details to deposit the money.

"Wow!": Tongaat Hullett executives accused of R1.5bn fraud, granted R30k bail

Earlier, Briefly News reported that seven Tongaat Hulett executives, including former CEO Peter Straude, appeared at the Durban Specialised Commercial Crimes Court on fraud charges.

Read also

Zandile Mafe appears in court, Parliament fire suspect requests Janusz Walus' release

Between 2015 and 2018, the group allegedly committed fraud in relation to the sale of Tongaat Hullet's land by backdating. The accused include Rory Wilkinson, Michael Deighton, Gavin Kruger, Murray Munro, and Samantha Shukia.

Captain Simphiwe Mhlongo, a Hawks spokesperson, said that the group's creative accounting practices gained them inflated bonuses and inaccurate profit margins, News24 reports. Mlongo added that Tongaat Hulett's correct loss is R1.5 billion.

Mokwena claims ill health, begs for bail in PPE fraud case

In similar news, Briefly News reported earlier that Lieutenant-General Johannes Mokwena, aged 61, appeared in the Palm Ridge Magistrate's Court in Gauteng for a sitting of the Specialised Commerical Crimes Court along with 14 co-accused in connection with PPE corruption.

During the hearing, Mokwena told the court that he was seriously ill and that if he spent any longer in prison, he would die due to the conditions. He added that his 19-year-old daughter is his only motivation to stay alive. Mokwena's daughter is 19 and in her first year of actuarial science at university.

Mokwena previously worked as the head of police supply chain management. He is accused of defrauding the South African Police Service (SAPS) out of an estimated R1.9 million via fraudulent PPE tenders.

Source: Briefly News

Online view pixel