Businesswoman Nishani Michelle Singh and her brother Rushil Singh are facing charges of fraud, forgery, and uttering by the Johannesburg-based Hawks serious commercial crime investigation team. The siblings, who are directors of Big Business Innovations Group, allegedly submitted false guarantees from Stanbic Ghana when applying for a working capital facility of R35m from Investec and a term loan agreement of over R150m. When they breached the loan agreement, Investec Bank demanded guarantees from Stanbic, leading to the discovery that the guarantees were obtained fraudulently.
After appearing in court, Rushil was arrested on Monday, while Nishani surrendered to the Hawks on Tuesday. Their bail hearing is ongoing, with Capt Lloyd Ramovha, a spokesperson for the Hawks, confirming the developments.
This case highlights the importance of ethical business practices and the consequences of fraudulent activities in the corporate world. Stay tuned for updates on this legal matter as it unfolds.