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Alleged WC ponzi scheme mastermind out on R100k bail

Colin Davids appeared in the Bellville Magistrates Court after he was arrested by the Hawks earlier today.

Picture: Christa Eybers/EWN.

CAPE TOWN - A Parow pastor and businessman accused of running a multi-million rand ponzi scheme has been released on bail of R100,000.

Colin Davids appeared in the Bellville Magistrates Court after he was arrested by the Hawks earlier today.

The 48-year-old director of the Platinum Forex Group faces charges of fraud and contravening the Banks Act, as well as the Financial Advisories and Intermediary Services Act.

Davids had allegedly been running a ponzi scheme funded by investors who were mainly retired government employees.

The Platinum Forex Group's assets of over R100 million were frozen last year on the order of the Western Cape High Court.

It's alleged the company did not invest some of the funds received from unsuspecting investors.

The company also allegedly made false promises to the public, claiming investments would yield interest returns of the funds, received from unsuspecting investors, of up to 84%.