View all in Latest
Popular Topics
View all in Local
Popular Topics
View all in Politics
Popular Topics
View all in Opinion
Popular Topics
View all in Business
View all in Lifestyle
Popular Topics
View all in Sport
Popular Topics
View all in CWC19
View all in Video
View all in Cartoons
20°C / 22°C
  • Wed
  • 19°C
  • 5°C
  • Thu
  • 21°C
  • 5°C
  • Fri
  • 17°C
  • 3°C
  • Sat
  • 17°C
  • 5°C
  • Sun
  • 17°C
  • 4°C
  • Mon
  • 18°C
  • 2°C
  • Wed
  • 20°C
  • 10°C
  • Thu
  • 20°C
  • 9°C
  • Fri
  • 17°C
  • 10°C
  • Sat
  • 15°C
  • 11°C
  • Sun
  • 15°C
  • 10°C
  • Mon
  • 15°C
  • 9°C
  • Wed
  • 21°C
  • 6°C
  • Thu
  • 21°C
  • 6°C
  • Fri
  • 19°C
  • 5°C
  • Sat
  • 19°C
  • 8°C
  • Sun
  • 19°C
  • 7°C
  • Mon
  • 19°C
  • 5°C
  • Wed
  • 19°C
  • 2°C
  • Thu
  • 21°C
  • 0°C
  • Fri
  • 20°C
  • 3°C
  • Sat
  • 19°C
  • 4°C
  • Sun
  • 16°C
  • 3°C
  • Mon
  • 18°C
  • 1°C
  • Wed
  • 22°C
  • 15°C
  • Thu
  • 23°C
  • 13°C
  • Fri
  • 25°C
  • 14°C
  • Sat
  • 25°C
  • 14°C
  • Sun
  • 22°C
  • 15°C
  • Mon
  • 22°C
  • 14°C
  • Wed
  • 25°C
  • 17°C
  • Thu
  • 22°C
  • 14°C
  • Fri
  • 26°C
  • 16°C
  • Sat
  • 17°C
  • 12°C
  • Sun
  • 15°C
  • 10°C
  • Mon
  • 15°C
  • 8°C
  • Wed
  • 22°C
  • 11°C
  • Thu
  • 23°C
  • 10°C
  • Fri
  • 19°C
  • 8°C
  • Sat
  • 12°C
  • 8°C
  • Sun
  • 15°C
  • 5°C
  • Mon
  • 17°C
  • 4°C
  • Wed
  • 21°C
  • 14°C
  • Thu
  • 21°C
  • 14°C
  • Fri
  • 18°C
  • 10°C
  • Sat
  • 12°C
  • 10°C
  • Sun
  • 14°C
  • 9°C
  • Mon
  • 15°C
  • 8°C
  • Wed
  • 20°C
  • 6°C
  • Thu
  • 21°C
  • 5°C
  • Fri
  • 19°C
  • 5°C
  • Sat
  • 20°C
  • 6°C
  • Sun
  • 20°C
  • 7°C
  • Mon
  • 19°C
  • 5°C
  • Wed
  • 17°C
  • 3°C
  • Thu
  • 18°C
  • 2°C
  • Fri
  • 17°C
  • 2°C
  • Sat
  • 14°C
  • 2°C
  • Sun
  • 13°C
  • 0°C
  • Mon
  • 14°C
  • -1°C
  • Wed
  • 20°C
  • 5°C
  • Thu
  • 19°C
  • 4°C
  • Fri
  • 21°C
  • 6°C
  • Sat
  • 23°C
  • 6°C
  • Sun
  • 23°C
  • 6°C
  • Mon
  • 20°C
  • 7°C
  • Wed
  • 26°C
  • 16°C
  • Thu
  • 24°C
  • 13°C
  • Fri
  • 26°C
  • 14°C
  • Sat
  • 15°C
  • 10°C
  • Sun
  • 14°C
  • 7°C
  • Mon
  • 14°C
  • 6°C
Go

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.
Picture: Christa Eybers/EWN.
| 1092 days ago

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%.

Timeline

More in Local

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus
COPYRIGHT 2019 ALL RIGHTS RESERVED | Terms & Conditions | Privacy | PAIA