Rushil Singh and Nishani Singh were accused of submitting fraudulent bank guarantees, allegedly issued by Stanbic Bank Ghana, to secure more than R150 million in credit facilities from Investec between 2017 and 2022.
The high-stakes fraud trial against businessman Rushil Singh took an unexpected turn on Wednesday when a key prosecution witness delivered testimony that appeared to contradict earlier claims, casting doubt on the foundation of the State ’s case.
The pair were arrested in 2023 and have been in custody ever since. Nishani, who suffered from severe health complications, died on Saturday at Chris Hani Baragwanath Hospital while awaiting trial. Now, the witness’s testimony threatens to upend the State’s case entirely.During Wednesday’s proceedings, the witness confirmed authoring three affidavits submitted to the State — all of which were accepted into the record by Judge Venter.
He went further, explaining that the guarantees, which were meant to secure substantial loans, were represented as being backed by cash reserves held in Ghana by the Joint Investment Company . “It made logical sense to assume the guarantees were backed by cash,” he told the court. He acknowledged that many of the email attachments used as evidence in the affidavits were genuine and not forged, a revelation that further weakens the prosecution’s claim of fabricated documentation.The defence was quick to highlight inconsistencies in the witness’s account, arguing that if the documentation was legitimate and the guarantees were presented in line with standard banking practices, then the case hinges on misunderstanding, not malice.
Nishani Singh Case Venter Affidavits Testimony Witness Palm Ridge Court Witness Throws Fraud Case Palm Ridge Specialised Commercial Crimes Court Investec Bank Stanbic Bank Ghana State Rushil Joint Investment Company Chris Hani Baragwanath Hospital Inquiry Into Sister South Africa Defence Seizes Opportunity
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