Former Absa Employees Convicted of Fraud of Over R1 Million, Multiple Charges
- Two former Absa Group employees have been found guilty and convicted on multiple charges, including money laundering
- The activities spanning 19 months, from November 2019 to June 2021, amounted to fraudulent earnings of over R1 million
- The pair entered a guilty plea and, after being found guilty on all charges, received an effective 10 years imprisonment
- A source close to the case told Briefly News the accused entered a guilty plea due to the overwhelming evidence against them
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GQEBERHA — Two former Absa Group employees have been convicted of a laundry list of crimes, proving that ill-gotten gains are a sure way to get a one-way ticket to prison.
Florika Owusu and Abongile Tyusha were found guilty on Tuesday, 2 July, of operating a fraudulent scheme totalling over R1 million.
Absa employees' fraudulent scheme
The Gqeberha Specialised Commercial Crimes court subsequently sentenced the pair for multiple fraud, theft, and money laundering counts.
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Owusu, 31, and Tyusha, 30, received five years for fraud, five years for theft, and 10 years imprisonment for money laundering, with four years suspended for five years provided they did not violate the Organised Crime Act during this period.
The court found substantial and compelling circumstances not to impose the prescribed minimum 15-year term, and Magistrate Mnyani ordered the convictions to run concurrently.
The pair was sentenced to an effective six years behind bars.
National Prosecuting Authority (NPA) Eastern Cape regional spokesperson Luxolo Tyali said Owusu and Tyusha used their access to the Absa electronic banking system to carry out their fraudulent activities.
"They were entrusted with unique user codes, which the bank used to trace all transactions performed by its employees. They opened Absa accounts using the names of deceased individuals and foreign nationals without their knowledge," he said.
A source close to the case, who asked to remain anonymous, told Briefly News that the pair were initially stationed at the Patensie Absa bank branch, and Tyusha later transferred to the Dutywa branch.
Scheme used reactivated dormant accounts
For a period of 19 months, from November 2019 to June 2021, they issued debit cards to the accounts to facilitate fraudulent transfers and withdrawals.
"They identified and reactivated 18 dormant accounts, mostly belonging to foreign nationals and deceased locals.
"These reactivated accounts were used to funnel the clients' stolen funds into the fraudulent accounts created by Owusu and Tyusha," Tyali said.
Absa's internal investigation and a further probe by the South African Police Service (Saps) led to the pair's arrest.
The source told Briefly News the accused entered a guilty plea due to the overwhelming evidence against them.
During sentencing proceedings, State Advocate Lise Keech argued that a guilty plea was not a sign of remorse, saying a bank was the worst place to steal from because it was the only place where people could safely keep their money.
"The NPA prioritises the prosecution of crime types and criminals that disproportionately undermine South Africans' safety, the country's socio-economic well-being, and the rule of law," Tyali added.
Briefly News understands that Absa has since recovered some of the stolen money after Owusu and Tyusha signed over their provident fund annuities.
Owusu also paid R200,000 over to the bank.
Ex-Standard Bank administrator begins four-year jail term
In a related story, Briefly News previously reported that a former Standard Bank administrator was slapped with a four-year jail term for embezzling R940,000 from a deceased's account.
On 13 May 2024, the Nelspruit Specialised Commercial Crime Court in Mpumalanga found Dorcus Nyambi guilty of theft and convicted her of the crime.
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Source: Briefly News
