Ex-Standard Bank team leader sentenced for stealing over R3 million from client accounts
A 32-year-old former Standard Bank employee has been sentenced to seven years in prison after being found guilty of defrauding the bank’s clients of over R3 million.
Cynthia Ncube was sentenced by the Johannesburg Specialised Commercial Crime Court on Tuesday.
National Prosecuting Authority (NPA) spokesperson Phindi Mjonondwane stated that between August 8 and August 22, 2018, investigations by the Hawks revealed that Ncube abused her position to access the bank’s client database. She targeted clients with significant investments, leading to substantial financial losses.
“She transferred funds from clients accounts without consent often to offshore companies and her account. The fraudulent transactions amount to over R3 million.
“The criminal acts affected multiple clients, including one who was debited over R397,000 without consent and another who lost over R1.7 million,” said Mjonondwane.
Mjonondwane said Ncube was apprehended by the Hawks and was charged with fraud, theft and money laundering.
“Following three years in custody, she was released on R30,000 bail,” she said.
Mjonondwane added that Ncube’s accomplice, Austin Muzinganye Nkomo, also received some of the fraudulent funds, while another suspect remains at large.
Nkomo was sentenced to nine years in prison early last year.
Senior prosecutor, Advocate Vincent Ndzuke, submitted in court that Ncube’s actions constituted a grave betrayal of trust, describing it as a case of an employee biting the hand that feeds them.
Ndzuke emphasized that failing to impose a custodial sentence would undermine public confidence in the justice system, as it would be seen as leniency towards those who abuse their positions for personal gain.
-IOL News
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