An accountant who allegedly stole 53 million rupees from MTN did so through 90 illegal transactions between December 2010 and April 2017, court documents revealed Thursday.
Live Soviet relationships that prosecutors revealed further details on how MTN’s former junior accountant allegedly stole 7.6 million rupees a year from the mobile operator.
The defendant, Ruth Moshabane, allegedly transferred money from MTN’s bank accounts to her own on the premise that she was paying for the services provided by Mutual and Federal and Guardrisk Insurance.
Moshabane had access to 76 MTN bank accounts used to pay its suppliers. She pleaded not guilty on Wednesday.
The indictment filed with the Palm Ridge Commercial Crimes Tribunal Ekurhuleni alleges that Moshabane first transferred R60,000 on December 13, 2010 and another R42,500 two days later.
In January 2011, it transferred R117,000 to itself, but the following month it gave it an edge, with its transactions jumping to over R577,000.
Fraudulent transactions only increased from there. Below is a breakdown of the larger transactions:
- Three transactions in August 2011 for a total of R600,000
- Transactions totaling R869,000 as of May 2012
- R1.6 million transactions in May 2013
- R2 million was transferred in November 2013
- Two R1.6 million transactions in September 2015
From then on, Moshabane would continue to steal around 1.5 million rupees each month on average for over a year.
Moshabane’s series of fraudulent transactions ended in April 2017 when Standard Bank notified MTN of the unusual transactions. She was arrested on 11 April 2017.
She first appeared at the Johannesburg Specialized Commercial Crime Court on Tuesday 25 April 2017, having initially been accused of defrauding MTN for over 23 million Rand.
He faced 16 counts of fraud, which is a five scheduled offense, prosecutor Bongani Chauke told the court.
“The company has entrusted her with the powers and authority … within the company’s banking systems,” said Chauke.
“The defendant was not authorized to make wire transfers from the company’s account to her external bank.”
According to Chauke, Moshabane has managed to transfer the funds to herself through “fictitious requisitions and [the] the money was paid because you used the people who should have signed a first signature and a second signature to release the funds ”.
He added that MTN believed the transactions were legally authorized as they trusted Moshabane.
Chauke said Moshabane had five properties registered in his name at the time of his arrest and that investigations were underway to determine if he owned more.
In February 2019, MTN said it would ask for compensation from Moshabane for stolen funds, including interest and legal fees.