Former Investec tax head facing jail time
The former head of the British tax advisory business at financial services group Investec faces jail after pleading guilty to a three-year tax fraud worth £1.85m.
Nipan Malde admitted to siphoning off the cash from his South African employers’ bank account, reported the Times. He was dismissed from Investec in November last year after the fraud became apparent.
Malde now faces up to eight years in jail after admitting to 10 counts of obtaining money by deception. ‘No client funds were involved and Investec has recouped the majority of the misappropriated funds,’ a spokesman said.