Three company directors in court over R478k investment fraud

Three directors accused of fraud and money laundering, after allegedly running an unlawful investment scheme that promised returns of up to 75% per month, have made their first appearance in court in the Eastern Cape.“Despite the absence of the requisite regulatory authorisation, the accused ostensibly presented the investment enterprise as a legitimate and viable financial opportunity, making representations calculated to induce members of the public to entrust their money to the company.

Between 5 June 2018 and 21 November 2018, the accused allegedly conducted an unlawful investment operation from Gqeberha, enticing members of the public to invest their “hard-earned money” in an enterprise that allegedly promised returns of up to 75% per month.