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At least 2,000 affected by CT multimillion rand Ponzi scheme

Local pastor Colin Davids was released on R100,000 bail after appearing in court yesterday.

Colin Davids pictured in 2010. Picture: Facebook.

CAPE TOWN - The Hawks say almost 2,000 people are believed to have been scammed by a Parow-based Ponzi scheme.

Local pastor and businessman Colin Davids is accused of running the multimillion rand operation.

He was released on bail of R100,000 after appearing in the Bellville Magistrates Court yesterday.

The Hawks' Lloyd Ramovha says the investigation into the Platinum Forex Group continues.

"We appeal to members of the public who have invested with the Platinum Forex Group to come forward and assist us with ongoing investigations."

Davids faces charges of fraud and contravening the Banks Act, as well as the Financial Advisory and Intermediary Services Act.

As part of bail conditions, the 48-year-old has been ordered to handover all his travel documents.

The company's assets of R100 million were frozen last year, upon an order from the Western Cape High Court.

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