December 21 2010 at 01:39pm
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Durban businessman Yusuf Omarjee has been fined R2.5-milllion after being found guilty of defrauding three banks of a total of R39 million.
Durban businessman and serial fraudster Yusuf Omarjee, who defrauded banks of about R39 million, was given a suspended sentence and a fine of R2.5m in the Durban Regional Court on Monday.
He was arrested in 2008 along with his wife, Farhana, and charged with 162 counts of fraud, following the arrest of a man - allegedly with al-Qaeda links - for selling fraudulent ID documents.
The man, Goolam Haniff, was arrested on several counts of fraud and corruption involving Home Affairs officials in 2008 and is serving an eight-year prison sentence.
Haniff was the kingpin of a syndicate involved in the issuing of ID books fraudulently to people who would then pay the group.
Haniff co-operated with the police. Therefore police managed to obtain the names of his clients who had bought ID books, which included Omarjee and his wife Farhana, who had paid R48 000 for the documents.
A police probe uncovered that Omarjee had three ID books, two of which were false: one in his birth name, Yusuf Mohammed Omarjee, one bearing the name Yousuf Omarjee and another with the name Essop Bhana.
Omarjee used the ID books to secure finance fraudulently from banks, and set up companies and trust funds. He defrauded Standard Bank, Wesbank and Absa of varying amounts of cash totalling R39m.
Some of the banks took civil action against the couple and Wesbank obtained a judgment against Timewise Couriers, one of their businesses, resulting in its being placed under provisional liquidation.
On Monday Omarjee pleaded guilty to 162 counts of fraud and corruption.
In his plea he admitted to obtaining a fraudulent ID book for his wife. It is not clear if the National Prosecuting Authority will pursue the fraud and corruption charges against her.
NPA spokeswoman Natasha Ramkisson said she would respond to The Mercury’s questions about the case on Tuesday.
Omarjee was found guilty of two counts of corruption and Regional Court magistrate Fariedha Mohamed sentenced him to five years in prison suspended for five years on condition that he is not convicted of corruption during the same period.
On the more than 100 fraud charges, he was sentenced to 10 years in prison or a fine of R5 million, half of which was suspended for a period of five years on condition that he is not convicted of fraud or any attempted fraud in the same period.
He was also ordered to pay the R2.5 million fine in instalments over the next year. R1 million was to be paid immediately, and R500 000 was to be paid in June 2011, in December 2011 and by June 2012.
The Asset Forfeiture Unit confirmed on Monday that, due to his conviction, the unit had made an application for a confiscation order against Omarjee’s assets.
The unit obtained a high court order to restrain Omarjee’s assets including 50 trucks and trailers and a luxury Umhlanga house.
While the face value of the property and vehicles is more than R38 million, much of the property is heavily financed and some goods have been attached by banks that Omarjee defrauded.
The restraint order also affected two people into whose names it is alleged that some of Omarjee’s assets were transferred in an attempt to hide them. Ten companies and close corporations owned by Omarjee and a family trust were affected by the order.
The unit said the assets would contribute to the satisfaction of the confiscation order. - The Mercury.
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