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Mail & Guardian reports that two women, one of whom had roped her spouse in, were the leaders of a scam to defraud ceramic tile and bathroom retail giant CTM of more than R26.1-million through 916 fictitious invoices from January 2011 to November 2016.
Prudence Mabuza, who worked with her husband, Nhlanhla Mabuza, and Agnes Ngubane have been convicted of 997 charges of fraud, theft, money laundering and assisting another to benefit from proceeds of unlawful activities. They will be sentenced in the Johannesburg specialised commercial crimes court on 18 March. Prudence and Agnes were employed by Cinque Funding Solutions, which Cladding Finance subcontracted to handle debtors on behalf of CTM. To avoid giving their scam away, the two women filed and paid invoices for small amounts ranging from R180 to R90,530.66, according to the National Prosecuting Authority’s spreadsheet detailing each transaction and the bogus invoice numbers. The two women became more brazen in the amounts of money they stole as the years went by. By April 2014, they had stolen almost R5.8-million over three years — the halfway mark of their scheme. The fraudsters then grew bolder and amassed more than R8.5-million in 2016 alone from just 143 transactions. Cinque’s Darrell von Broembsen said Prudence and Agnes had been with the company for 10 and eight years respectively. Their scheme, he said, had shown how technological advances in counterfeiting bank statements had made fraud “so much easier, and fakes are very difficult to distinguish from the real thing”.
- Read the full original of the report in the above regard by Khaya Koko at Mail & Guardian
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