Latest news with #RushilSingh
IOL News
3 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.
News24
20-05-2025
- Business
- News24
Rupert in US for Ramaphosa-Trump talks; Mabuyane robbed: Today's top 7 stories in 7 minutes
News24 brings you the top stories of the day, summarised into neat little packages. Read through quickly or listen to the articles via our customised text-to-speech feature. Thieves break into Eastern Cape premier's home, make off with goods worth over R42 000 Thieves broke into Eastern Cape Premier Oscar Mabuyane's East London home on Sunday, stealing more than R42 000 worth of electronics. Police were on duty at the residence during the burglary, and a case is under investigation. This is not the first security incident at Mabuyane's home; in 2022, he reported a drone hovering over the property. X/@SANRAL_za Severe weather warning: KZN on high alert as snow, icy winds predicted KwaZulu-Natal is bracing for freezing temperatures and potential snowfall in high-lying areas due to two strong cold fronts. Disaster management teams are on high alert, and municipalities are urged to implement contingency plans for vulnerable communities. Residents are advised to stay indoors, keep warm, check on vulnerable individuals, and stay updated through official sources. 'Bad Boys Porsche' accountant Rushil Singh pleads not guilty in R178m fraud trial Rushil Singh is on trial for fraud, forgery, and uttering, accused of using falsified documents to secure R178 million in loans from Investec Bank. The loans, intended for construction projects in Ghana, were allegedly used to fund a lavish lifestyle, including the purchase of rare McLaren cars and the "Bad Boys" Porsche. The case involves complex financial transactions and forged documents, and is linked to the murders of liquidators who were investigating Singh's govt to offer Musk Starlink deal before Trump meeting South Africa plans to offer Elon Musk's Starlink an alternative to black ownership laws to operate in the country, aiming to ease tensions with Musk and Donald Trump. The proposed "Equity Equivalent" option would involve investments in infrastructure, training, or providing Starlink kits to rural areas to improve internet access, applicable to all ICT companies. Talks stalled after Musk and Trump criticised BEE laws, but Starlink's technology could significantly improve internet access in South Africa, especially in rural areas where only 1.7% of households have access. Johann Rupert in Washington for Ramaphosa-Trump meeting, annoyed by 'Afrikaner refugees' Johann Rupert, South Africa's richest man, may have been instrumental in securing a meeting between President Cyril Ramaphosa and President Donald Trump. Rupert was reportedly frustrated with Trump's portrayal of Afrikaners and urged him to engage with Ramaphosa directly. Ramaphosa is meeting Trump after the US president issued an executive order against South Africa on 7 February, cutting all funding to the country. READ MORE 'Is this really happening?' The phone call from Rassie that left young Varsity Cup star in disbelief Ntokozo Makhaza, a 23-year-old UCT student, was surprisingly included in the Springbok alignment camp, despite never playing for a professional South African union. Makhaza credits the Varsity Cup system for his unique pathway to the Springbok camp and hopes his journey inspires others to pursue rugby through university. He recently signed with the Cheetahs and is preparing to join the Springbok alignment camp, aiming to learn and be himself among the biggest names in rugby. Jeff Kravitz/FilmMagic Prosecutors focus on pattern of violence as Sean Combs trial continues Sean "Diddy" Combs is facing serious allegations, including sex trafficking and racketeering, with prosecutors presenting witnesses detailing years of alleged abuse and violence. Key testimonies from ex-girlfriend Cassie Ventura and her former friend accuse Combs of harrowing abuse, including assaults and coercive, drug-fuelled sex. Witnesses recounted disturbing incidents, including assaults on Ventura and others, as prosecutors aim to substantiate racketeering charges that could see Combs imprisoned for life.
