South Africa
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‘Scammer’ accused of R7m investment fraud set to appear in court

The Hawks have swooped on a 35-year-old man who allegedly defrauded unsuspecting investors of more than R7m.

Col Katlego Mogale, spokesperson for the directorate, said the man targeted the well-heeled and promised them high returns on their investments. Mogale said the man even rented upmarket offices in Johannesburg.

“It is alleged that from November 2017 to February 2019, the suspect rented an office in Sandton under the Goldmine Stock Market Traders (Pty) Ltd, promising 100% interest to the investors,” said Mogale.

“He allegedly targeted affluent people who would invest millions of rand in his scam. None of them received the promised interest nor the capital. The suspect moved office and disappeared.”

Mogale said the matter was reported to the Hawks, and the serious commercial crime investigation team arrested the man at his home on Thursday.

The man will appear on fraud charges in the Palm Ridge magistrate's court on Monday.