Investment firm CFO Zaitoon Shaik charged with fraud, corruption and money laundering
Shaik and three associates allegedly defrauded the Coastal KZN TVET College of R30 million.
The CFO of an investment firm based in Durban Zaitoon Shaik and three accomplices appeared in the Durban Specialised Commercial Crime Court on Friday 31 July, for allegedly defrauding the Coastal KZN TVET College of R30 million.
Hawks spokesperson Capt Simphiwe Mhlongo said in a statement that members of the directorate for Priority Crime Investigation Durban Serious Corruption Investigation (the Hawks) arrested four suspects for fraud, corruption and money laundering.
His accomplices include associate Shariq Ansari, attorney Azgar Ally Khan and Sharlene Bechoo.
“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,” Simphiwe said.
He explained that the college invested R30 million into a false bank account similar to that of the college. The college later discovered no investment was made on its behalf.
Shaik was granted R20,000 bail, Ansari and Khan were granted R50,000 bail, and Bechoo was granted R25,000 bail.