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Four Arrested For Stealing Millions From TVET College

Four individuals were arrested for stealing funds from Coastal TVET College in Kwazulu-Natal. These incidensts of fraud are calculated to have happened between the end of 2018 and 2019. Millions of rands were stolen from the institution.

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R30 million was stolen from Coastal TVET College in Kwazulu-Natal. Four people have been arrested and will be charged with fraud, corruption, and money laundering. Amongst the four arrested is the College's Chief Financial Officer, Zaitun Shaik.

Captain Simphiwe Mhlongo, from the Province's SAPS, says:

It is alleged that between November 2018 and October 2019, the CFO made misrepresentations to Coastal KZN TVET College with regard to a lucrative investment opportunity for the institution. The CFO allegedly colluded with an attorney to create an investment proposal purporting to have come from a bank.

The suspects who were arrested are between the ages of 27 and 44 and include attorney Azgar Khan, his wife Sharlene Bechoo and businessman Shaariq Ansari. The money was managed by Shaariq Ansari and Sharlene Bechoo received payments as well. 

It is believed that the funds were stolen between November 2018 and October 2019 under the pretense that an investment would be made on behalf of the College.

The Captain said, "Apparently this R30 million was deviated into some sort of fictitious account in order to loot these funds". The bank account is said to have been similar to that of the College but was found to be fake. 

The investigation came to light as the College realised that the money was not actually being invested on it's behalf. 

Mhlongo says that though this case is difficult, they have worked with all relevant roleplayers and have found evidence that showed how the money was shared. 

It was also said that they probably won't be making other arrests.

Dr. Sipho Nzimande, Regional Manager for the Department of Higher Education has said, "The only eventuality I would want to see is people being thrown into jail and receiving heavy sentences.”

EWN reported, "Ansari and Khan have been granted R50,000 bail each while Bechoo was granted R25,000 bail. Shaikh is out on R20,000 bail."

Majority of Coastal TVET College's student body's come from disadvantaged homes and families. 

 

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