Gauteng businessman sentenced to 10 years for R66 million Transnet fraud
Transnet
A six-year manhunt has ended in a landmark conviction as Gauteng businessman Yakub Ahmed Suleman Bhikhu has been sentenced to 10 years in prison for orchestrating a massive R66 million fraud scheme involving state-owned rail and logistics giant Transnet.
Bhikhu, along with his company Homix (Pty) Ltd, pleaded guilty to 81 counts, including fraud, forgery, uttering, money laundering, and violations of the Tax Administration Act. The crimes, committed between 2012 and 2015, resulted in significant financial losses for Transnet and involved fraudulent activity across several institutions.
The Pretoria Regional Court suspended five years of Bhikhu’s sentence, meaning he will serve an effective five-year prison term. He was also ordered to reimburse R300,000 to Transnet as illicit gratification. His company was fined R500,000, with the fine suspended on the condition that it does not commit similar offences.
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The conviction follows years of investigation by the Investigating Directorate Against Corruption (IDAC) and other law enforcement agencies. According to IDAC spokesperson Henry Mamothame, the fraudulent activities were first exposed during the State Capture Commission and then pursued through detailed forensic investigations.
“The accused opened accounts at various banks and forex entities under Homix’s name, where he was the sole director,” Mamothame explained. “Payments from Transnet were funnelled into these accounts and later dispersed to various individuals and companies using fraudulent paperwork designed to mimic legitimate imports and exports.”
This elaborate fraud scheme deceived key institutions, including SARS (South African Revenue Service), SARB (South African Reserve Bank), and several private banks, allowing for illegal currency exports.
Bhikhu was informed of the charges in 2017 but fled prosecution. He successfully evaded arrest for six years until he was captured at the border while trying to enter Botswana. He has been in custody since his arrest.
“The National Prosecuting Authority (NPA) welcomes the conviction and direct imprisonment,” said Mamothame. “This case reflects the collaborative effort to crack down on state capture and corporate fraud, demonstrating our resolve to bring justice in complex corruption cases.”
This conviction sends a clear message about the consequences of white-collar crime and state capture. The suspended portion of Bhikhu’s sentence serves as a legal warning: any further criminal offence within the next five years could result in more jail time.
As the government continues to clean up the legacy of corruption, Bhikhu’s case stands as a milestone in the fight against financial crimes and institutional betrayal.
