A former universal banker at Nedbank’s Makhanda branch received what the Gqeberha Specialised Commercial Crimes Court believed was a fitting sentence for embezzling millions from the bank.

Violet Shishuba was sentenced to 28 years imprisonment following her conviction on 40 counts of fraud and five counts of contravention of the Prevention of Organised Crime Act, reports The Citizen.

The fraudulent activities perpetrated by Shishuba amounted to over R3.8m, occurring between 30 July 2021 and 18 August 2021.

With certain sentences running concurrently, she will serve 18 years in prison.

NPA spokesperson in the Eastern Cape, Luxolo Tyali, said Shishuba was responsible for balancing the cash in her teller safe with her daily transactions, which were verified against reports generated from the bank’s system.

‘In her written guilty plea, she acknowledged unlawfully and intentionally transferring significant sums of money from Nedbank’s main account to several accounts under her control and those of an accomplice who was not a bank employee,’ Tyali said.

The court learned that Shishuba met her accomplice, employed at a local retail store, and was persuaded to invest in a seemingly legitimate investment scheme.

After draining her savings and taking out loans for further investment, Shishuba found herself in financial distress when promised returns failed to materialise.

Desperate to recover her losses, she began embezzling funds from Nedbank to make payments to the individuals she believed had invested her money.

The fraudulent activities came to light when a discrepancy in the branch’s daily reports prompted an internal investigation by Nedbank.

This investigation revealed the extent to which Shishuba had misappropriated funds through a series of deceptive transactions, camouflaged by false financial figures.

In arguing for a fitting sentence, state advocate Ulrike De Klerk emphasised the seriousness of Shishuba’s offences and the necessity of holding individuals accountable for their fraudulent actions. 

‘The court concurred, asserting that Shishuba’s conduct displayed a blatant disregard for the law and underscored the need for accountability,’ Tyali added.

Full report in The Citizen