Case against CT's alleged ponzi scheme mastermind postponed
Colin Davids allegedly scammed almost 2,000 people in a ponzi scheme in the Western Cape.
CAPE TOWN - The State has been given a further nine months to conclude an investigation into a local pastor who allegedly scammed almost 2,000 people in a ponzi scheme.
Colin Davids appeared in the Bellville Magistrates Court on Wednesday.
Davids, who is a pastor and local businessman, is accused of defrauding people out of millions of rand.
He was released on R100,000 bail shortly after his arrest last June.
Davids faces fraud charges relating to the contravention of the Banks Act.
His trading company Platinum Forex allegedly duped investors with promises of as much as an 84% return on their foreign exchange investments.
The business is also not registered with the Financial Services Board.
The State has indicated the police investigation is incomplete.
The prosecution therefore requested a further adjournment.
The accused's lawyer Joe Weeber told the court they have got no objections to the postponement, but requested it be marked as final.
The case was postponed to 27 September.
(Edited by Shimoney Regter)