Dr Anele Mngadi calls Standard Bank out for fraud

by Zintle Mdaka

Dr Anele Mngadi recently opened up about her alleged fair share of trials and tribulations with Standard Bank, after she purchased a luxury vehicle.

The retired university professor and philanthropist recently took to her social media pages to share how she was almost defrauded by one of the big banks in South Africa.

In her series of videos, she stated that she paid cash for the car. She added that when she went to collect the car, the dealership told her that they returned her international payment and suggested that she uses a local bank to finance her car.

Also see: What every account holder should know about their banking rights

“But then because I’m not domiciled in South Africa, I had to use my foundation as a buyer and then sign as surety,” she explained.

She also shared that a day later, she received a letter citing that Standard Bank approved her loan.

“On April 15, 2015 I went to collect the car, signed all the legal documents. At the end of the month when they deducted, they took nearly double the agreed installment”.

Upon this discovery, she says she called the bank to inquire about the matter. To her surprise, the bank said they do not know of her. On the second and third month, they deducted double the amount again, prompting her to pen a letter of demand to the bank.

@profanelehammond22 #financialethics #bankfraud #standardbankZA #bankingombudsman #NationalCreditAct ♬ original sound – profanelehammond22

In the series of videos on her TikTok page, she revealed that after enduring a lot from this ordeal, fraud was finally established and she won the case against Standard Bank.

Dr Anele further shared that there will be a documentary where she will be exposing Standard Bank’s fraud against her and other clients.

Also see: How to protect your bank account from fraudsters

According to Standard Bank‘s Media Liaison, Ross Linstrom, Standard Bank is aware of the allegations.

 “These allegations have been investigated, and we are satisfied that they are false and without merit.

While we are limited in what we can disclose about confidential agreements with individual customers, we can confirm that the vehicle finance agreement in question was concluded in full compliance with all applicable legal and regulatory requirements.”

Linstrom further added that the bank continues to uphold the highest standards of integrity, governance and ethical conduct in all its dealings.

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Also see: Fraud case nightmare for Shashi Naidoo who had her bank accounts wiped clean by scammers

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