A 37-year-old woman from Polokwane, Thoko Evelyn Ndlovu, has been sentenced to 13 years in prison for orchestrating a R2.5 million fraud scheme that targeted unsuspecting Old Mutual clients. The Polokwane Specialised Commercial Crimes Court handed down the sentence after convicting Ndlovu on 80 counts of fraud and one of money laundering.
Between 2015 and 2020, Ndlovu, who operated under the guise of assisting clients at Old Mutual Marble Hall, misled them into believing they were investing in legitimate products or purchasing shares. Instead, she redirected their funds into her personal bank account. Clients, many of whom waited years for returns, were left shocked when Old Mutual confirmed their investments never existed in the company’s system.
The scheme unraveled following complaints and an internal investigation, which led to formal charges. Sergeant Ellias Mathenji, who led the investigation, traced the fraudulent activity directly to Ndlovu’s accounts.
After her arrest in March 2023 and release on R50,000 bail, Ndlovu was convicted on 17 July 2025 and sentenced on 8 August. The court imposed eight years’ direct imprisonment for fraud and an additional five years for money laundering. She was also declared unfit to possess a firearm—a further mark of the seriousness of her crimes.
This case stands as a warning to financial professionals and a reminder to clients to verify all transactions through official channels.
