Nishani Singh (51) and Rushil Singh (40) have been charged for fraud, forgery, and uttering by the Johannesburg based Hawks’ Serious Commercial Crime Investigation team for R150 million fraud.
This emanates from a case that was registered at Sandton police station in March 2023 and allocated to the Hawks for Investigation.
It is alleged that during the period of January 2021 to March 2023, the pair, directors of Big Business Innovations Group (Pty) Ltd fraudulently submitted false Stanbic Guarantees when they applied for working capital facility of R35 million. They additionally applied for a term loan agreement of over R150 million on April 2021.
Consequently, when they exhausted the working capital facility and breached the term loan agreement. Investec Bank demanded guarantees from Stanbic. It was then established that the two guarantees were obtained fraudulently. As a result, Stanbic suffered an actual loss of over R150 million. Rushil was arrested on Monday, 26 August 2024, whilst Nishani handed her
self to the Hawks today, Tuesday, 27 August 2024. The Palm Ridge Specialized Commercial Crime Court heard their case. The bail application is scheduled to continue on Wednesday, 28 August 2024. Both remain in custody, pending the outcome of the hearing.
Source: South African Police Service
