Two real estate agents have been convicted of fraud and money laundering after defrauding a home seeker out of nearly R300 000 in Welkom.

Sylvia Bangani and Vusi Stevens Mlambo were each sentenced to six years’ imprisonment in the Welkom Regional Court on Tuesday 30 June.

The entire sentence is suspended for five years on condition that they are not convicted of money laundering during the period of suspension.

The court ordered the accused, jointly and severally, to pay back the remaining outstanding balance to the complainant in monthly instalments of R5 000.

The fraud began on 18 January 2022, when the victim spotted a “For Sale” sign on a property in Bedelia, Welkom.

The victim contacted the estate agency, which was owned and operated by Bangani and Mlambo.

The two agents drafted an offer to purchase, which was signed by both the complainant and the alleged property owner. The house was valued at R280 000. With additional fees, the complainant paid a total sum of R293 032.52.

Bangani told the buyer that she would manage the transfer costs and mortgage processing. Instead of facilitating the legal transfer of the property, the agents split the money with an attorney.

The complainant never received ownership of the house or access to the property.

Following an investigation, both agents were arrested. The implicated attorney paid back R140 000 of the stolen funds.

The investigation by Det. Const. Mothekhe of the Welkom Commercial Crime Investigation Unit, led to Mlambo and Bangani being found guilty.

Property buyers are urged to verify the credentials of estate agents and agencies with the Property Practitioners Regulatory Authority (PPRA) on 087 285 3222 before transferring money.