GQEBERHA – A former associate director at a Gqeberha accounting firm has been ordered to repay more than R804,000 after being convicted of theft and money laundering for diverting client payments into his own bank account.
Tanesh Ranchod (31) was sentenced in the Gqeberha Regional Court on 20 July after being found guilty on 24 counts of theft and 24 counts of money laundering linked to an elaborate invoice fraud scheme.
According to Hawks spokesperson Warrant Officer Ndiphiwe Mhlakuvana, between 2024 and 2025, while serving as an Associate Director at Nolands Incorporated in Gqeberha, Ranchod manipulated authentic invoice templates by unlawfully replacing the firm’s official banking details with his own bank account details.
Mhlakuvana said that, to further disguise the fraudulent scheme, Ranchod generated fictitious invoices using the company’s Greatsoft invoicing platform and, on numerous occasions, substituted the banking details with those of his spouse, creating an elaborate façade of legitimacy intended to deceive unsuspecting clients.
“While settling legitimate professional accounts owed to Nolands Incorporated, multiple clients unknowingly deposited more than R366,000 into Ranchod’s personal bank account and a further R266,800 into his spouse’s bank account,” said Mhlakuvana.
“Detailed financial analysis also revealed numerous inter-account transfers amounting to R250,200, which were deliberately structured to conceal, disguise and legitimise the proceeds of criminal conduct.”
Mhlakuvana said the discrepancies were detected by Nolands Incorporated, which subsequently referred the matter to the Hawks for investigation.
He said the investigation uncovered an intricate and premeditated scheme in which Ranchod abused his position of professional trust and fiduciary responsibility to systematically misappropriate company funds through deception, fraudulent misrepresentation and the laundering of illicit proceeds.
“Collectively, the criminal enterprise caused direct financial prejudice amounting to R633,630 to Nolands Incorporated,” said Mhlakuvana.
He said an intensive Hawks investigation led to Ranchod’s arrest in Gqeberha on 14 May.
Mhlakuvana said Ranchod appeared in court, was released on R10,000 bail and made several court appearances before being sentenced.
He said the court ordered that the 24 counts of theft be taken together for the purposes of sentencing and imposed 10 years’ imprisonment, wholly suspended for five years, on condition that Ranchod is not convicted of theft or attempted theft committed during the suspension period.
Mhlakuvana said the 24 counts of money laundering were also taken together for sentencing, resulting in a further 10 years’ imprisonment, wholly suspended for five years, on condition that Ranchod is not convicted of money laundering or related offences committed during the suspension period.
In addition, he said the court ordered Ranchod to repay R804,251 to the complainant to compensate for the financial losses suffered as a result of his criminal conduct.
Mhlakuvana said charges against Ranchod’s co-accused were withdrawn after careful consideration of the available evidence.
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