Thoko Evelyn Ndlovu, 37, has been sentenced to 13 years in prison for defrauding Old Mutual clients of R2.5 million and laundering the stolen money through her personal account.
Ndlovu was convicted by the Polokwane Specialised Commercial Court on August 8 of 80 counts of fraud and one count of money laundering. Her scheme spanned several years, targeting unsuspecting clients of Old Mutual in Marble Hall, Limpopo.
According to Provincial Police Spokesperson Colonel Malesela Ledwaba, Ndlovu began defrauding clients as early as 2015. She falsely claimed to assist clients in investing or purchasing shares through Old Mutual, but instead, instructed them to deposit funds directly into her personal Nedbank account.
Despite the clients’ trust and long-term investment, they never received the promised returns or official investment documentation. After several years, victims began questioning the lack of communication and contacted Old Mutual directly—only to discover their investment records did not exist in the company’s system.
Old Mutual launched an internal investigation and advised affected clients to report the fraud to local police stations. Cases were later transferred to Sergeant Ellias Mathenji, whose investigation confirmed that Ndlovu had diverted the funds for personal use. Her personal bank account became key evidence in securing her conviction.
Ndlovu was arrested in March 2023, and granted bail of R50,000. She remained out on bail until her conviction and sentencing on August 8, 2025, when she was also declared unfit to possess a firearm.
Lieutenant General Thembi Hadebe, Limpopo’s Provincial Police Commissioner, welcomed the sentencing, calling it a “significant step in the fight against white-collar crime.”
