Four arrested, including a CFO and an attorney, after KZN college defrauded of R30 million

The Hawks
The Hawks
Felix Dlangamandla, Gallo Images, Netwerk24
  • A chief financial officer and an attorney have been arrested for allegedly defrauding a college of R30 million.
  • The two suspects allegedly presented an investment proposal purporting to have come from a bank.
  • Two other suspects have also been apprehended.

Four people, including an attorney and a chief financial officer, have been arrested for allegedly defrauding a KwaZulu-Natal college of around R30 million.

The chief financial officer allegedly approached Coastal KZN TVET College with an investment proposal, said Hawks spokesperson Captain Simphiwe Mhlongo.

"It is alleged that during the period November 2018 and October 2019, the Chief Financial Officer made misrepresentations to Coastal KZN TVET College with regards to a lucrative investment opportunity for the institution," said Mhlongo.

READ | Hawks raids Nkomazi Municipality over alleged R27m Covid-19 tender fraud

The CFO allegedly colluded with an attorney to create an investment proposal purporting to have come from a bank.

"It was then presented and accepted by the college. As a result, the college invested R30 million into a bank account similar to that of the college, when, in fact, it was false," said Mhlongo.

The college later discovered that no investment was made on its behalf and reported the matter to the police.

"The Hawks were consulted to investigate, culminating in the arrest of the suspects," said Mhlongo. 

The suspects are expected to appear in the Durban Specialised Commercial Crime Court on Friday, on charges of fraud, corruption and money laundering.

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