A 74-year-old suspect was arrested on Tuesday 16 May 2023 at a funeral in Mamelodi, Pretoria following an execution of a warrant of arrest in relation to an ongoing investigation into an unregistered 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 a promise of high returns.
The amount of investments tendered is approximately R100 million. The second suspect, 34-year-old was arrested in a residence at Kempton Park.
The pair will appear in the Palm Ridge Specialised Commercial Crimes Court on 17 May 2023 facing charges of fraud, theft, money laundering and contravention of the Financial Advisory and Intermediary Services Act.
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