AFU recovers R21m stolen from Middelburg company in banking scam

The Asset Forfeiture Unit (AFU) in Mpumalanga obtained three forfeiture orders resulting in the recovery of approximately R21.55m that was fraudulently stolen from a Middelburg company through a sophisticated online banking scam.

The National Prosecting Authority (NPA) said on Tuesday that the orders, granted by the Mpumalanga High Court (Middelburg) on September 15 and September 21, followed an urgent preservation order obtained by the AFU on June 12.

NPA spokesperson Monica Nyuswa said the orders this month authorised the forfeiture of funds held in nine bank accounts and their return to the victim, Jormid Electrical (Pty) Ltd.

“The matter arose from a complex cybercrime scheme in which approximately R21.55m was unlawfully transferred from Jormid Electrical’s bank account into multiple bank accounts linked to individuals suspected of receiving the proceeds of the fraud,” she said.

On May 21 2026, the company’s financial manager received WhatsApp messages purporting to be from Absa, claiming that suspicious transactions had been detected on the company’s business account and requesting confirmation of their legitimacy.

After indicating that she did not recognise the transactions, the financial manager received a telephone call from a person falsely claiming to be an official from Absa’s fraud division.

The caller convinced the financial manager that he was assisting with the cancellation of fraudulent transactions and instructed her to approve several electronic links sent to her cellphone.

“While still on the call, a colleague alerted her that numerous unauthorised transactions amounting to approximately R21.55m had already been processed from the company’s account.”

The matter was immediately reported to the bank’s fraud department and a criminal case was subsequently opened with the police in Middelburg.

On May 29, the matter was referred to the AFU in Mpumalanga, which promptly launched a financial investigation and enlisted the assistance of the Financial Intelligence Centre (FIC).

“Following an urgent intervention request by the AFU, the FIC conducted an analysis and issued directives that resulted in funds being frozen in nine bank accounts suspected of receiving the proceeds of the fraud.”

Armed with the evidence gathered during the investigation, together with the intervention of the FIC, the AFU urgently approached the high court without notice to the affected parties and, on June 12 2026, successfully obtained a preservation order in respect of the nine bank accounts.

“The preservation order ensured that the suspected proceeds of crime, valued at approximately R21.55m, could not be dissipated while forfeiture proceedings were pursued,” Nyuswa said.

She said the forfeiture orders granted this month marked the successful culmination of the asset recovery process under the Prevention of Organised Crime Act, ensuring that the stolen funds were preserved, forfeited and ultimately returned to the victim.

“As a direct result of the AFU’s swift intervention and effective use of the asset forfeiture legislation, Jormid Electrical (Pty) Ltd recovered the full amount lost in the scam and suffered no financial loss.”

TimesLIVE