Louis Tshakoane (74), Suzan Tshakoane (59) and Louis Tshakoane junior (34) appeared in the Palm Ridge Specialised Commercial Crimes Court on the morning of 17 May 2023on charges of fraud, theft, money laundering and contravention of the Financial Advisory and Intermediary Services Act.
Father was arrested at a funeral in Mamelodi, east of Pretoria following an execution of a warrant of arrest by the Hawks’ Serious Commercial Crime Investigation based in Johannesburg in relation to an ongoing investigation into an unregistered investment scheme.
The accused are 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.
Louis Tshakoane junior, 34-year-old was arrested in a residence at Kempton Park. His first arrest was in 2019 where he was granted bail of R70 000-00.
The accused then made a series of appearances but later absconded. His arrest was as result of a bench warrant for which he forfeited his bail.
The trio will appear again in the Palm Ridge Specialised Commercial Crimes Court on 23 May for formal bail application.
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