Imagine discovering nearly $1 million unexpectedly in your bank account. How would you handle it?
For Sibongile Mani, a student at Walter Sisulu University (WSU) in South Africa, this scenario became a reality.
Mani was receiving a government grant for her education when she noticed an accidental deposit of 14 million South African Rands, approximately $798,000 at that time.
Instead of reporting the mistake, Mani indulged in a lavish shopping spree with the funds.
She splurged on luxury items such as expensive liquors, designer clothing, and the latest iPhone model.
Before being discovered, she managed to spend about $40,000 of the mistakenly deposited money.
Her activities were uncovered when she accidentally left a bank receipt at a supermarket.
Samkelo Mqhayi, branch secretary of the South African Students Congress, told Herald Live: “She was just suddenly spending so much. Her supermarket receipt which was leaked showed she had 13.6m rand in her account and she had been throwing parties for her friends and showering them with gifts without worry.”
In 2017, Mani was reported to the authorities, arrested, and faced charges of fraud and theft.
By 2022, she received a five-year prison sentence, which her lawyer contested, arguing that she was not a societal threat and had not actively sought the money.
In 2023, her sentence was suspended for five years, contingent on her committing no further fraud or theft during that time.
Though she was required to perform community service and undergo counseling, she was not obligated to reimburse the money spent.
This raises the question: What should you do if a large, unexpected sum appears in your bank account?
According to financial advisor Bev Shackleton, such occurrences are rare, but if it happens, it’s crucial to notify your bank immediately.
This is vital because the origin of the funds could be questionable, potentially implicating you in illegal activities.
She explained: “You don’t want to be in the situation where someone is fraudulently using your account to launder money. For example, if a fraudster managed to hack into your account, pay in £100,000 and then transfer it out again it looks like you are involved.”
Thus, if you find a sizable, unexpected deposit in your account, it’s imperative to inform your bank and refrain from spending it.