Guateng Provincial Head, Major General Ebrahim Kadwa praised the investigation team for a major breakthrough on the apprehension of two fraud accused in relation to approximately R35 million defrauded from the Industrial Development Corporation (IDC).
It was reported that in October 2017, the retail company director, Eusuf Fehaaz (42) and his accountant, David Larkan (58) misrepresented themselves and submitted a fraudulent audit report when applying for funding from the IDC. As a result, IDC allegedly transferred approximately R35 million into the accused retail company’s business bank account for development projects
Through internal forensic analysis, IDC discovered that the Durban based Retail Company, Glodine (Pty) LTD did not possess the R10 million surplus in their business bank account as indicated from their audit report.
