A 62-year-old director of Sipho Zethu Trading was found guilty of fraud, theft, money laundering, and violating the Tax Administration Act, causing over R955,307 in losses to SARS from 2013 to 2015. The scheme involved falsely claiming PAYE tax credits and funneling these funds into various accounts, including for buying a 2005 Mercedes Benz.

SARS recovered R490,000 from the director’s account. The court imposed a R300,000 fine or three years in prison for the tax violations and an additional R60,000 plus one year for money laundering. The stolen funds, along with a Mercedes Benz, will be auctioned, with the proceeds and an 11.25% interest since December 2014 returned to SARS.

Source: www.iol.co.za