Authorities have seized assets worth approximately R55 million in connection with the R157 million Nedbank fraud case, where 15 individuals, including former bank employees, are facing prosecution.
Asset Forfeiture recovers R55 million in property seizures
The joint operation, led by the Asset Forfeiture Unit (AFU) and the Hawks, took place on Tuesday, across multiple locations, including Roodepoort, Randburg, Krugersdorp, and Pretoria.
The seizures followed a provisional restraint order granted by the Johannesburg High Court in November 2024 under the Prevention of Organised Crime Act.
The order was aimed at securing assets linked to the large-scale fraud scheme to prevent suspects from disposing of their illicit gains before the case concludes.
Among the confiscated assets were 77 vehicles, including luxury sedans, utility vehicles, and motorcycles, as well as houses, sectional title units, and a small holding.
Law enforcement also seized a substantial amount of cash, gold and silver jewellery, luxury watches, designer clothing, laptops, cellphones, firearms, and over 2,000 rounds of ammunition.
A cash counting machine was also recovered during the operation.
One of the primary beneficiaries of the fraudulent scheme, Lucas Keitumetse Mathimbi, allegedly received over R91 million and was linked to 11 properties and 27 vehicles.
One of the properties seized was reportedly registered under a minor child’s name.
The 15 accused, including Mathimbi and alleged mastermind Nicolette de Villiers, are set to appear before the Palm Ridge Regional Court on 26 March 2025.
How a fraud investigator pulled off one of SA’s biggest bank heists
Nicolette de Villiers, a former lead fraud investigator at Nedbank, is accused of orchestrating one of South Africa’s most brazen banking frauds, siphoning R157 million over nearly five years.
De Villiers, who was employed in Nedbank’s Group Financial Crime Forensics and Security division, allegedly exploited her position to manipulate the bank’s suspense accounts—funds held temporarily before being allocated to rightful recipients.
By creating fraudulent payment instructions, she falsely classified recipients as fraud victims, directing money to personal associates through 224 transactions.
One of the largest beneficiaries, Mathimbi, received R91 million through his personal bank account and two companies under his directorship, Ivy League Group (Pty) Ltd and IVL Guards (Pty) Ltd.
Authorities claim most beneficiaries either received or transferred stolen funds among themselves to obscure the paper trail. De Villiers is accused of pocketing R6 million directly.
Investigations revealed that, despite holding a senior fraud investigator role, De Villiers had no formal financial qualifications beyond a matric certificate.
Her fraudulent activities were uncovered, leading to her dismissal from Nedbank and subsequent criminal charges.