No jail time for KZN bank employee found guilty of R4m vehicle fraud finance

By Jolene Marriah-Maharaj Time of article published Oct 15, 2021

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Durban: A KwaZulu-Natal man convicted of vehicle fraud amounting to R4 382 000 has been sentenced to three years of correctional supervision and a R100 000 fine.

Kevin Neil Lloyd, 42, was convicted this week on eight counts of fraud in the Durban Magistrate’s Court.

According to Hawks spokesperson Simphiwe Mhlongo the fraud to place in March 2009.

“Lloyd who was employed as an official in one of the banks in Durban processed fraudulent vehicle finance applications.

“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,” said Mhlongo.

He said that a case of fraud was reported at Umhlali SAPS and the case docket was allocated to the Hawks’ Durban Serious Commercial Crime Investigation team for further investigation.

“Lloyd was arrested in February 2019 and he appeared in court several times until he was sentenced.

“Lloyd was sentenced to 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.

“He was sentenced to three years correctional supervision and was declared unfit to possess a firearm.”

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