Businesswoman Nishani Michelle Singh and her brother Rushil Singh have been charged for alleged fraud, forgery and uttering by the Johannesburg-based Hawks serious commercial crime investigation team.
They were detained overnight after appearing in the Palm Ridge specialised commercial crimes court on Tuesday, Hawks spokesperson Capt Lloyd Ramovha said. Their bail hearing continues on Wednesday.
The siblings, aged 51 and 40, are directors of Big Business Innovations Group.
They are accused of fraudulently submitting false Stanbic Ghana guarantees when they applied for a working capital facility of R35m from Investec and for a term loan agreement of more than R150m.
"Consequently, when they exhausted the working capital facility and breached the term loan agreement. Investec Bank demanded guarantees from Stanbic. It was then established the two guarantees were [allegedly] obtained fraudulently."
Rushil was arrested on Monday, while Nishani handed herself over to the Hawks on Tuesday.
TimesLIVE
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