Vehicle finance fraud ringleader arrested

The Hawks said several vehicle finance institutions complained about the same crime.

The Hawks have arrested a man believed to be the ringleader of a syndicate specialising in defrauding motor vehicle institutions. Picture: Wikimedia Commons.

JOHANNESBURG - The Hawks on Wednesday arrested a man believed to be the ringleader of a syndicate specialising in defrauding motor vehicle finance institutions.

The man was arrested while appearing in the Johannesburg Specialised Commercial Crime Court for a similar fraud case on Monday.

David Monamo along with a co-accused appeared in court for defrauding a vehicle dealership in Roodepoort when the Hawks made the arrest.

One Johannesburg-based bank was defrauded of R7,1 million following the purchase of 43 Toyota Avanzas, which were recovered during a joint operation.

The Hawks said several vehicle finance institutions complained about the same crime.

Monamo will appear in court on 5 August.

Authorities say investigations are continuing and more arrests are expected in coming days.