Court appearance for duo accused of R25 million investment scam
The suspects face charges of fraud and money laundering.
Image: File
Following a thorough investigation, the Hawks have arrested two suspects, aged 50 and 52, who are now set to face charges in the Bellville Magistrate’s Court for their alleged involvement in fraud and money laundering schemes totalling over R25 million.
The arrests, executed by the Serious Commercial Crime Investigation team on Wednesday, April 29, follow a lengthy probe into fraudulent business activities conducted between 2015 and 2019.
The investigation revealed that the suspects targeted a finance company specialising in factoring and invoice discounting. By submitting falsified agreements and invoices, they secured over R240 million in funds, resulting in an actual loss of more than R20 million for the business, according to Hawks spokesperson Warrant Officer Zinzi Hani.
In a separate incident, the duo allegedly defrauded an elderly couple of approximately R4.4 million.
"They were promised high monthly returns on their investments; however, it never materialised, and later it emerged to be false," Hani said.
The victims lost both personal savings and pension funds in the investment and vehicle pawn scheme.
A third victim was defrauded of R750,000 after paying a deposit for a business venture involving the supply of beef omasum (tripe).
The product was never delivered, and investigators believe the funds were misappropriated for personal gain.
"A warrant of arrest was issued for the duo’s apprehension. They were subsequently charged with fraud as well as money laundering and will be taken to Bellville Magistrate's Court for their first appearance," Hani confirmed.