4 days ago
Gauteng businessman jailed for R66 million Transnet fraud after 6 years on the run
A Gauteng businessman has been jailed for an effective five years in connection with R66million Transnet fraud.
A Gauteng businessman has been jailed for an effective five years in connection with R66million Transnet fraud.
Yakub Ahmed Suleman Bhikhu and his company, Homix (Pty) Ltd, were convicted on 81 counts that include fraud, forgery, uttering, money laundering, and the Contravention of the Tax Administration Act in the Pretoria Regional Court.
According to the IDAC, Bhikhu pleaded guilty and was sentenced to 10 years' direct imprisonment, of which five years were suspended for a period of five years.
He was further ordered to reimburse an amount of R300,000 to Transnet, which he received as gratification.
His company was sentenced to a fine of R500,000, which was suspended on the condition that it does not commit a similar offence.
Explaining the charges, the IDAC spokesperson, Henry Mamothame said:
"This conviction is as a result of the commissioning of the 81 offences by Bhiku and his company during the period 2012 and 2015, valued at approximately R66 million, which was a loss to Transnet.
"The Accused opened accounts at various banks and forex entities, on behalf of Homix, where at the time he was the sole director.
"Payments stemming from Transnet were then paid into these accounts and dispersed to various other persons and entities by making use of fraudulent paperwork to execute fraudulent imports and exports.
"In the process, the SARS, SAR,B and various private entities and banks were defrauded to allow the export of currency, which was proved to be illegal."
The Accused was informed of the matter against him in about 2017.
"He then evaded arrest for 6 years until he was apprehended on the border whilst trying to enter Botswana."
The IDAC said he has been in custody since 2017.
The NPA's IDAC welcomes the conviction and the direct imprisonment, coming from evidence that was presented in the State Capture Commission and further investigated by IDAC and its stakeholders in the law enforcement fraternity.
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