Singh's Mysterious Death Casts Shadow Over R150 Million Bank Fraud Case

The sudden death of 51-year-old Nishani Singh, initially attributed to health complications, is now at the centre of mounting suspicions in one of South Africa’s most high-profile financial crime investigations.

Singh died in custody in October 2024 while awaiting trial for her alleged role in a R150 million fraud case involving forged Stanbic Bank Ghana guarantees. These documents were used to obtain large credit facilities from Investec Bank between 2017 and 2022.

While once seen as a key accused, Singh was reportedly preparing to turn State witness, a move insiders believe could have implicated senior figures within South Africa’s financial sector.

“She could not have orchestrated this alone,” said a source close to the investigation. “The forgeries were too precise. This required someone with deep internal knowledge.”That testimony, however, will now never be heard.

This week, the prosecution’s case suffered a major blow during proceedings at the Palm Ridge Specialised Commercial Crimes Court.

Under cross-examination, the State’s lead witness conceded that the affidavits used to charge Singh and her brother, Rushil, did not establish intent to defraud.“These documents show a prima facie case,” the witness admitted.

The email evidence points to the fact that only Nishani and two employees of the company, called BIG, were the alleged perpetrators of the fraud.

This may reflect reckless financial behaviour,” he added, “but not necessarily criminal fraud.”The defence has seized on these revelations to argue that Nishan Singh may have engaged in questionable financial dealings, but was far from the mastermind Nishan has been portrayed as.

Attention has now shifted to the circumstances of Singh’s death. She had appeared visibly ill during earlier court appearances and was allegedly denied adequate medical care while in custody.

Human rights organisations are now calling for an independent investigation, raising the alarm that Singh, possibly a whistleblower, may have been deliberately silenced before she could testify.

The Star