Forty-nine year old Zakariya Vahed, has been sentenced to 15 years in prison after being found guilty of 93 counts of fraud amounting to R7 million. He was sentenced at the Durban Regional Court on Monday for fraud he committed over a period of ten years.
Hawks spokesperson, Captain Simphiwe Mhlongo said Vahed was employed by the popular, Overport-based accounting firm Desai Jadwat Incorporated (DJI) which was established in the late 1970’s.
“Vahed joined DJI in January 1992 and eventually grew into a management position, even though he had not acquired any formal accounting qualifications. Given his seniority and the trust placed in him, Vahed was given access to DJI’s and some of their clients’ bank accounts. The court found that between 2009 and 2019, Vahed fraudulently transferred cash from the company’s bank account to his personal account. He also defrauded some of DJI’s clients.”
Cpt Mhlongo added that a shortage of more than R4.3 million in the bank account of a prominent Durban school eventually led to the unmasking of Vahed’s multiple acts of embezzlement. “He had access to the school’s bank account and looted R4.3 million between December 2013 and December 2017. It is believed that he used the school’s bank account to transfer funds from other clients’ accounts before transferring it to his personal account. The crimes were reported at Sydenham police station, and the docket was allocated to the Hawks. Vahed was arrested in October 2020 and was released on R10 000 bail. He pleaded guilty in August 2022,” he said.
Mhlongo also said between 2009 and 2019, the company (DJI) suffered a financial loss of more than R7 million. “Vahed fraudulently transferred cash from the company’s bank account to his personal account. It has also been reported that Vahed used some of the proceeds of the fraud to take overseas religious trips with his wife,” he said.
