In the Northern Cape, an alleged bogus investment schemer from Kuruman is expected to appear before the Kuruman Magistrate’s Court on Tuesday 20 September 2022.

NPA spokesperson, Mojalefa Senokoatsane, says the 35-year-old’s case was postponed to Tuesday to add another accused to the case, and for legal aid application.

The accused allegedly ran a pyramid scheme, known as Value FX Investment, between October 2019 and July 2020.

This group of four owe investors an estimated amount of R3 million after failing to pay their returns as promised.

Meanwhile, in the Free State, NPA spokesperson Phaladi Shuping says Caleb Ntuli (39) was granted R20 000 bail by the Phuthaditjhaba Magistrate’s Court on Monday 19 September 2022, after facing charges of fraud and contravention of the Financial Advisory and Intermediary Services Act, as well as money laundering.

Shuping adds his co-accused, Isabella Molutsoane, will appear in court on 30 September 2022. Her appearance before court was postponed as she just gave birth less than a week ago.

The accused, who are husband and wife, reportedly ran an investment scheme known as Tshwaranang Community Stokvel between 2017 and 2019, promising investors that they would get a return of 30% to 50% within 30 days of investing.

However, some victims did not receive their money, amounting to a total loss of R8 million.

The Hawks’ Serious Commercial Crime Investigation team based in Bethlehem arrested the suspect on Saturday, 17 September 2022 at Palm Ridge in the Gauteng province.

OFM News/Mpho Mohapi