Rushil and Nishani Singh charged for fraud appeared in the Palm Ridge Court on Wednesday after their arrest.
Rushil Singh and his sister, Nishani Singh have been denied bail by the Palm Ridge Specialised Commercial Crime Court after being charged by the Johannesburg-based Hawks’ Serious Commercial Crime Investigation team for R150 million fraud.
The two appeared in court on Wednesday and Magistrate Phindi Keswa denied them bail saying she was convinced by the State’s argument that they present a flight risk.
According to Captain Lloyd Ramovha in a police statement, the two remain in custody.
ALSO READ: Middelburg municipal officials convicted for fraud and money laundering
R150 million loan agreement
The two allegedly applied for a term loan agreement of over R150 million in April 2021.
“From January 2021 to March 2023, the pair, directors of Big Business Innovations Group (Pty) Ltd fraudulently submitted false Stanbic Guarantees when they applied for a working capital facility R35 million,” he said.
The siblings then breached the term loan agreement after exhausting the working capital facility.
“Investec Bank demanded guarantees from Stanbic. It was then established that the two guarantees were obtained fraudulently. As a result, Stanbic suffered an actual loss of over R150 million.”
Rushil was arrested on Monday, 26 August 2024, and Nishani handed herself to the Hawks on Tuesday.
The Singhs are also facing a criminal investigation in Ghana over the same forged bank guarantees.
Rushil Singh was released on R10 000 bail earlier this year
Singh was arrested at OR Tambo International Airport on 17 January this year after airport officials discovered a warrant for his arrest linked to a fraud case in November 2022.
The case was opened against him in June 2022.
According to News24, a fraud-accused Johannesburg-based businessman was granted R10 000 bail on 19 January.
Singh appeared before the Pretoria Magistrate’s Court on 19 January after a brief appearance the previous day. He is facing a charge of fraud for allegedly claiming he could afford a R1 million credit card facility with Investec and Nedbank.
NOW READ: 81-year-old attorney who allegedly swindled millions from client released on bail
