Two People Accused of Defrauding Industrial Development Corporation Out of R54 Million Out on Bail

• Two women are accused of defrauding the Industrial Development Cooperation out of millions of rands
• The pair forged invoices for a coal processing machine and laundered IDC funding to different accounts for personal use
• The accused have been released on bail but are expected to reappear in court on 29 November

JOHANNESBURG - Two women were arrested on Friday, 4 November, for defrauding the Industrial Development Corporation of South Africa Ltd (IDC) out of over R54 million.

The Hawks announced that Molatelo Lorraine Masipa and Leago Marcia Motla appeared in the Palm Ridge Specialised Commercial Crimes Court the same day, where they were granted bail.

According to Hawks spokesperson Captain Lloyd Ramovha Mapisa, who was the mastermind behind the operation, was granted R50 000 bail while Motla was released on R10 000.

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Authorities allege that the pair stole millions from the IDC between August 2014 and October 2015. The fraud occurred when Mapisa applied for funding to procure a sawdust briquette machine for coal processing from France.

When the funding was approved, Mapisa allegedly bought a cheaper machine from China for R 1.2 million. Motla then allegedly forged the invoices which Mapisa sent to the IDC after the transactions.

According to News24, Mapisa laundered the funds into different accounts, after which the pair misused the ill-gotten gain for personal benefit. The case was postponed to 29 November for disclosure of the docket.

Hawks arrest two suspects for allegedly defrauding the IDC of R35 million

In a similar case, the Hawks apprehended two people for defrauding the IDC out of R35 million earlier this year in May 2022. Eusuf Fehaaz was the director of a retail company based in Durban called Glodine (Pty) LTD, and David Larkan was his accountant.

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According to The Citizen, the pair allegedly submitted a forged audit report to the IDC, which transferred approximately R35 million to Glodine's company bank account for development initiatives.

South Africans react to the arrest of the IDC fraudsters

South Africans took to social media to share their opinions.

Below are some comments:

@pommieP1 asked:

"Let me guess, money spent on German cars and luxury homes without a single red flag being raised by the banks?"

@heisthemediator commented:

"South Africa is a crime scene. During the Gupta reign, everyone was stealing."

@Sizzle_Diva claimed:

"The country of ours anyway, bathi how did they do it."

@osmaseko added:

"Then get 10k bail, Southy is a joke."

Lotto probe: NPA seizes luxury properties worth R22m, two ocean baskets belonging to Terry Pheto and eight others

Earlier, Briefly News reported that the Asset Forfeiture Unit (AFU) of the National Prosecuting Authority (NPA) was granted a preservation order from the North Gauteng High Court on Friday, 4 November. The order was obtained as part of an investigation into allegations of maladministration and corruption at the National Lotteries Commission (NLC).

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Internationally renowned actress Terry Pheto is one of the people implicated in looting the lotteries commission. Pheto, who starred in the Oscar-winning movie Tsotsi, is being investigated for allegedly obtaining properties using illegally acquired money from the NLC, City Press reported.

Source: Briefly News