Another Fidelis Moema? Masuku appeared in court for alleged fraud stemming from her time at Standard Bank.
The Johannesburg Specialised Commercial Crimes Court sitting in Palm Ridge Magistrate’s Court has grantedMasuku appeared in court on Friday, 21 June, on charges of fraud for allegedly stealing R1.2 million in funds meant for bursary and scholarship recipients. According to the Hawks’ Serious Commercial Crime Investigation , Masuku was entrusted with managing Standard Bank’s corporate social investment programme.
Hawks spokesperson Colonel Katlego Mogale said the former employee was the head of the CSI programme for the “Adopt A School Trust”.scholarships, bursaries, and awards of study, research, or teaching to learners from schools adopted by Standard Bank’s “Adopt a School” programme for those individuals who qualify and meet the selection criteria to further their studies at any recognised institutions of higher learning.
Mogale said that through an intensive probe, Hawks investigators established that the incumbent flaunted the trust processes by awarding scholarships to friends and family members through manipulation of documents and without the committee’s approval. “Some of the monies were deposited directly into her personal bank account, to the tune of R1.2 million,” Mogale said.after Masuku’s court appearance, Mogale said the Hawks were alerted in 2022 after Standard Bank conducted an internal investigation and found discrepancies.
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