Durban man convicted for duping bank and car dealership out of millions
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DURBAN: A bank employee who defrauded his employer of almost R5 million has been sentenced.
Forty-two-year-old Kevin Neil Lloyd was sentenced in the Durban Magistrate's Court on Tuesday.
Hawks spokesperson Captain Simphiwe Mhlongo said Lloyd processed fraudulent vehicle finance applications in 2009. The applications involved false payslips and addresses of the applicants. The applications were used to apply for vehicle finance in one of the car dealerships in Ballito.
"The bank protocol and procedures were not complied with and purchase prices were inflated. As a result, eight luxury vehicles were purchased and the bank suffered a loss of R4 382 000," Mhlongo said.
He said a case of fraud was reported at Umhlali police station and the case docket was allocated to the Hawks’ Durban Serious Commercial Crime Investigation team for further investigation.
Lloyd was arrested in February 2019. He appeared in court several times beforel he was sentenced.
"Count one to eight were taken as one count for the purpose of sentencing. Lloyd was sentenced to a R200 000 fine or five years’ imprisonment of which R100 000 or two years imprisonment which is suspended for five years, on condition that he is not convicted of fraud or theft during the period of suspension," Mhlongo said.
He was also sentenced to three years’ correctional supervision and declared unfit to possess a firearm.