Bank Manager Faces Drug Charges
A marketing manager at Standard Bank has been suspended following his arrest in Cape Town on drug and firearms charges. The arrest has ignited a legal battle involving allegations of attempts to frame other individuals.
Arrest and Charges
Raed Cupido, 40, was taken into custody on June 10 after police discovered a significant cache of drugs and weapons at a storage unit on Roeland Street. According to reports, authorities found 15 bricks of cocaine with an estimated street value of R18 million, along with an AK-47 rifle, five 9mm pistols, and a quantity of ammunition.
Standard Bank swiftly responded to the arrest, stating:
“Standard Bank has a zero-tolerance policy towards criminal activity. As per the Bank’s established practice, the Bank has suspended a marketing manager in its employ, pending the outcome of criminal proceedings. Standard Bank confirms that in the event that the Bank is approached by law enforcement, it will ensure full co-operation.”
—Standard Bank Spokesperson
Recusal Request Denied
Cupido’s attempt to have Magistrate Alida Thear removed from his bail application was unsuccessful. He argued that her prior involvement in a related case involving alleged gang boss Ralph Stanfield and businesswoman Nicole Johnson could compromise her impartiality.
Alleged Attempt to Frame Others
Court documents reveal that during his arrest, Cupido allegedly received a phone call from a former employee of Stanfield and Johnson. The caller purportedly instructed him to falsely claim that the seized drugs belonged to the couple, allegedly promising that this would lead to his immediate release. Cupido denies any involvement and claims he has no personal connection to Johnson or Stanfield despite growing up in the same area.
According to his affidavit, Cupido claims the caller told him: “Tell the police officers that the drugs belong to Ralph Stanfield and Nicole Johnson; they will allow you to get into your car and drive away.”
He further alleges the caller asked: “Are you not going to do what he told you to do?”
The former employee who contacted Cupido is also a complainant in a separate case against Stanfield and Johnson, alleging they stole his BMW in 2022.
Magistrate’s Decision
Magistrate Theart dismissed the recusal application, questioning the relevance of the former employee’s potential testimony. She stated: “The question is whether or not the court will hear evidence from (this former employee) to corroborate submissions by (Cupido). The question is what does (Cupido) want Johnson to testify as a witness (for him).”
Other Cases
Ralph Stanfield faces a string of serious charges, including the murder of former Hard Livings gang boss Rashied Staggie. He and Johnson were previously arrested by the Anti-Gang Unit on attempted murder charges, stemming from an alleged manhunt for a former employee who reportedly stole R1 million from them. Additionally, charges related to a R1 billion housing tender fraud case against the couple were provisionally withdrawn.
Drug-related crimes are a significant issue in South Africa; according to the South African Police Service, over 66,000 drug-related crimes were reported in the 2023/2024 fiscal year (SAPS Crime Stats).