Latest news with #NishaniSingh
IOL News
4 days ago
- Business
- IOL News
Singh's Mysterious Death Casts Shadow Over R150 Million Bank Fraud Case
Singh died in custody in October 2024 while awaiting trial for her alleged role in a R150 million fraud case involving forged Stanbic Bank Ghana guarantees. Image: Pexels The sudden death of 51-year-old Nishani Singh, initially attributed to health complications, is now at the centre of mounting suspicions in one of South Africa's most high-profile financial crime investigations. Singh died in custody in October 2024 while awaiting trial for her alleged role in a R150 million fraud case involving forged Stanbic Bank Ghana guarantees. These documents were used to obtain large credit facilities from Investec Bank between 2017 and 2022. While once seen as a key accused, Singh was reportedly preparing to turn State witness, a move insiders believe could have implicated senior figures within South Africa's financial sector. 'She could not have orchestrated this alone,' said a source close to the investigation. 'The forgeries were too precise. This required someone with deep internal knowledge.'That testimony, however, will now never be heard. This week, the prosecution's case suffered a major blow during proceedings at the Palm Ridge Specialised Commercial Crimes Court. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Under cross-examination, the State's lead witness conceded that the affidavits used to charge Singh and her brother, Rushil, did not establish intent to defraud.'These documents show a prima facie case,' the witness admitted. 'But they do not prove the accused acted with criminal intent.'Further damaging the State's position, the witness also confirmed that several of the emails used as evidence were genuine, and that at the time, it was reasonable to assume the Ghanaian guarantees were backed by actual funds.' This may reflect reckless financial behaviour,' he added, 'but not necessarily criminal fraud.'The defence has seized on these revelations to argue that the Singhs may have engaged in questionable financial dealings but were far from the masterminds they have been portrayed as. Attention has now shifted to the circumstances of Singh's death. She had appeared visibly ill during earlier court appearances and was allegedly denied adequate medical care while in custody.
IOL News
5 days ago
- Business
- IOL News
Witness Throws Fraud Case into Disarray at Palm Ridge Court
Rushil Singh and Nishani Singh were accused of submitting fraudulent bank guarantees, allegedly issued by Stanbic Bank Ghana, to secure more than R150 million in credit facilities from Investec between 2017 and 2022. Image: Supplied The high-stakes fraud trial against businessman Rushil Singh took an unexpected turn on Wednesday when a key prosecution witness delivered testimony that appeared to contradict earlier claims, casting doubt on the foundation of the State's case. Appearing before Judge Venter at the Palm Ridge Specialised Commercial Crimes Court, the witness — who had submitted three affidavits detailing how Singh and his late sister, Nishani Singh, allegedly defrauded Investec Bank — conceded under cross-examination that there may have been no intention to commit fraud. Rushil Singh and Nishani Singh were accused of submitting fraudulent bank guarantees, allegedly issued by Stanbic Bank Ghana, to secure more than R150 million in credit facilities from Investec between 2017 and 2022. The pair were arrested in 2023 and have been in custody ever since. Nishani, who suffered from severe health complications, died on Saturday at Chris Hani Baragwanath Hospital while awaiting trial. Now, the witness's testimony threatens to upend the State's case entirely. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Affidavits Under Scrutiny During Wednesday's proceedings, the witness confirmed authoring three affidavits submitted to the State — all of which were accepted into the record by Judge Venter. While the affidavits outline how guarantees were submitted and how the bank was allegedly misled, the witness admitted they do not directly prove criminal intent.'These affidavits establish a prima facie case,' he said, 'but they do not show that the accused acted with intent to defraud.' He went further, explaining that the guarantees, which were meant to secure substantial loans, were represented as being backed by cash reserves held in Ghana by the Joint Investment Company (JIC). 'It made logical sense to assume the guarantees were backed by cash,' he told the court. Pressed by the defence on whether Rushil or Nishani Singh knowingly provided false guarantees, the witness replied, 'No.' He acknowledged that many of the email attachments used as evidence in the affidavits were genuine and not forged, a revelation that further weakens the prosecution's claim of fabricated documentation. Defence Seizes Opportunity The defence was quick to highlight inconsistencies in the witness's account, arguing that if the documentation was legitimate and the guarantees were presented in line with standard banking practices, then the case hinges on misunderstanding, not malice. 'This may be a case of reckless financial conduct, but not criminal fraud,' said the witness under questioning. With the State's star witness softening his earlier position, the defence believes the court may soon have little choice but to reconsider the charges against Rushil Singh. Calls for Inquiry Into Sister's Death Meanwhile, the death of Nishani Singh has sparked mounting public pressure for an independent investigation. She had been in visibly poor health during recent court appearances and was reportedly denied adequate medical care while in custody. Her death has raised uncomfortable questions about the treatment of pre-trial detainees in South Africa's prison system.'If this testimony holds, it means Nishani may have died while innocent,' a legal analyst told reporters outside court.
