South Africa
Hawks make arrest in investment fraud investigation─── 06:32 Wed, 17 May 2023
A 74-year-old suspect was arrested on Tuesday 16 May 2023 at a funeral in Mamelodi, Pretoria, as part of an ongoing investigation into an unregistered investment scheme.
The suspect is alleged to have benefited from the proceeds of the unregistered investment company known as "Undercover Billionaires".
He is reported to have participated in the presentations aimed at enticing potential investors with a promise of high returns.
The amount of investments tendered is approximately R100 million. A 34-year-old second suspect was arrested in a residence at Kempton Park.
The pair will appear in the Palm Ridge Specialised Commercial Crimes Court on Wednesday 17 May 2023, and are facing charges of fraud, theft, money laundering and contravention of the Financial Advisory and Intermediary Services Act.
