By Staff Reporter
POLOKWANE-A 74-year-old suspect was arrested on Tuesday, May 16 at a funeral in Mamelodi, Phretoria followingexecution of a warrant of arrest in relation t an ongoing investigation into an unregistered investment scheme.
Hawks spokesperson Colonel Katlego Mogale said the arrest followed an execution of a warrant of arrest in relation to an ongoing investigation into an unregistered R100 million investment scheme.
The suspect is alleged to have benefitted 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 the promise of high returns. The amount of investment tendered is approximately R100m,“ said Mogale
The second suspect, a 34-year-old was arrested in a residence at Kempton Park.
The pair will appear in the Palm Ridge Specialised Commercial Crimes Court tomorrow, 17 May 2023 facing charges of fraud, theft, money laundering and contravention of the Financial Advisory and Intermediary Services Act.
