*****ulent activities on Two Nedbank Investment accounts.

Complaint Regarding *****ulent Activities on Investment Accounts Belonging to grandmother

I am writing to formally raise a serious complaint regarding *****ulent activities that have occurred on two investment accounts held by my grandmother ,an 82-year-old client of Nedbank. These activities have resulted in substantial financial loss, leaving her without the funds that were entrusted to the bank for safekeeping.

My grandmother was initially accompanied to the bank for the purpose of drafting a will. However, the banker who assisted us strongly recommended that she open investment accounts instead. An appointment was scheduled, and my grandmother later returned to the bank with my aunt to finalize the process. Two investment accounts were opened: 1. A Unit Trust Account • Financial Planner: Sepenyane Flora (***) • Amount: R100,000 2. A Just Invest Account • Account Number: *** • Amount: R70,000

Both accounts were opened at Nedbank, Springs Mall, on 22 May 2022. One account was intended to provide easy access to funds when required, while the other was to have limited access.

Despite my grandmother’s advanced age and vulnerability, the bank failed to provide adequate oversight or to safeguard her accounts. Both accounts were completely depleted through unauthorized activities.

On 9 August, I received a call from my uncle stating that my grandmother was unwell and that her phone was not working. Assuming it was a simple device issue, I purchased a new phone for her, but the new device also had no network connection. Several attempts were made to perform a SIM swap, all unsuccessful until approximately two weeks later. Based on her bank statements, this period coincides with the first *****ulent transaction. Importantly, my grandmother has never used a banking app, yet the *****sters used one to purchase airtime. A sim swap was clearly performed without her knowledge or consent ( I wonder how this got through with Vodacom but that is a story for another day) , and unauthorized transactions began immediately afterward.

On 29 August, my grandmother attempted to withdraw funds and was informed at the branch that her money had already been withdrawn. A case was immediately logged with the ***** department under ***.

On 8 September 2025, we visited the branch to follow up and were instructed to open another case, which was logged under Ref: GFCFS-195064.

A third visit on 27 September resulted in us being told that the branch could no longer assist, and we were directed to contact an internal investigator Debbie, who had been assigned to investigate the matter. Despite multiple attempts, I have been unable to reach her. Each time I contact the ***** department, I am told not to call again and to wait for feedback. One of the consultants who stated this was Nkosinathi Shange.

I hereby request urgent assistance and intervention, as the matter has been ongoing without resolution and has caused significant emotional and financial distress to my elderly grandmother.

The have the following documents as proof • Affidavit confirming that my gran had no knowledge of the transactions • Bank statements • Details of the account to which the ****** funds were sent • Evidence of all *****ulent transactions Complaint Regarding *****ulent Activities on Investment Accounts Belonging to grandmother