Former bank employee jailed for 15 years for stealing R5m at work

A former FNB employee who was only 22 years old when he stole R5m from his employer in a space of a month has been handed a 15-year jail sentence. 

Sifiso Ndlovu, 24, was sentenced by the Johannesburg specialised commercial crimes court on Wednesday on five counts including corruption, fraud and violating the Cybercrimes Act.

Ndlovu had pleaded not guilty to all the charges.

Gauteng National Prosecuting Authority (NPA) spokesperson Phindi Mjonondwane said Ndlovu worked as a financial administrator at FNB and used his position to transfer the money between June and July 2022. 

She said Ndlovu exploited his position to transfer over R5m from a dormant account into the accounts of his accomplices, who then made subsequent transfers into his account in the same period.

"The 24-year-old was found to have engaged in fraudulent activities by bank fraud investigator Johan van Graan. He accessed the FNB mainframe system using his credentials, updated customer remarks, and printed documents despite being absent from work.

"Video footage showed him placing a document into a bundle for capture by a colleague. Ndlovu pleaded not guilty but was convicted on five counts including corruption, fraud and violating the Cybercrimes Act.

"He accessed the FNB mainframe system using his credentials, updated customer remarks, and printed documents despite being absent from work. Video footage showed him placing a document into a bundle for capture by a colleague," Mjonondwane said.

Arguing in aggravation of sentence, prosecutor Adele Carstens said  Ndlovu's actions undermined the trust that was essential for commerce to function as people rely on banks to safeguard their assets.

"By abusing his position, Ndlovu betrayed the trust placed in him and exploited the very institution that employed him. The offence was not an impulsive act but a deliberate and meticulously planned scheme, making his actions more reprehensible," said Carstens.

The court concluded that Ndlovu's actions were a deliberate abuse of trust and a violation of his duties as a bank official. He was then sentenced to 15 years for each of the five counts which are to run concurrently.

Mjonondwane said the sentence reflects the seriousness of the offences. "The court's decision sends a strong message that there is severe punishment for financial crimes," she said.

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