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Thursday, 1 March 2001
Standard Bank investigators help crack international fraud syndicate
Standard Bank Forensics Department investigators have been instrumental in cracking an international syndicate specialising in foreign exchange fraud.
Two men linked to the South African arm of the syndicate have already appeared in court, while a syndicate boss is facing prosecution in Taipei, Taiwan. Investigations continue and more arrests could follow.
Daniel Shen of Fairlands, Johannesburg, has pleaded guilty and been convicted of fraud, amounting to R3,5 million, against Standard Bank. He will be sentenced on July 16 and remains in custody.
Members of the Assets Forfeiture Unit seized Shen’s assets from his Fairlands home and a townhouse in Sandton on Tuesday (February 27).
The following day (February 28) a former Standard Bank employee, Jack Mokalapa (23), appeared in court. He was granted bail and warned to be in court on 11 June when charges will be formally laid against him.
It is alleged that Mokalapa was involved in the bank fraud and it is believed that he had close connections with Shen.
Standard Bank forensics investigators became involved in the case last October when an electronic funds transfer for R3,5 million, intended for a Canadian bank, was diverted to Taiwan. Part of these proceeds – R1,1 million – was then paid into Shen’s wife’s South African bank account. Shen was arrested in early December.
Says Charles Whyte, Director, Forensics, Standard Bank: "We worked very closely with the South African and Taiwanese authorities and we would like to thank them for the professional and speedy manner in which they helped solve the case. This is probably the largest syndicate ever investigated by the bank.
"Our investigations continue and we anticipate that further bank staff members may well be dismissed. This is part of our commitment to zero tolerance of crime in the bank."
For further information contact: Charles Whyte (011) 636 4006
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