Hawks nab KZN college CFO over R30m investment

The chief financial officer (CFO) of the Coastal KZN TVET College, an attorney and two other accomplices, have been arrested by the Hawks on fraud and corruption charges totalling R30m. 

In a statement of Friday, Hawks spokesperson Capt Simphiwe Mhlongo said members of the Directorate for Priority Crime Investigation Durban Serious Corruption Investigation arrested four suspects aged between 27 and 44 for fraud, corruption and money laundering.

"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."

Mhlongo said it was then presented and accepted by the college.

"As a result, the college invested R30m into a bank account similar to that of the college when in fact it was false. The college later discovered no investment was made on its behalf."

Mhlongo said the accused are expected to appear in the Durban Specialised Commercial Crime Court on Friday.

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