State prosecutor among 5 arrested for 'pyramid scheme'

It is alleged between 2009 and 2014 the suspects used bogus investment entities to recruit members of the public into joining their elaborate investment schemes.

Picture: SAPS.

CAPE TOWN - It has emerged a state prosecutor is among the five suspects arrested on fraud charges amounting to millions of rands, relating to a suspected pyramid scheme.

The Hawks apprehended the suspects aged between 38 and 62 earlier this week.

The accused appeared in the Bellville Specialised Commercial Crime Court a day after being detained and were released on a warning.

The case resumes later this month.

“Among the arrested was a state prosecutor and his wife. It is alleged between 2009 and 2014 the suspects used bogus investment entities to recruit members of the public into joining their elaborate investment schemes,” says the Hawks' Lloyd Ramovha.

(Edited by Zinhle Nkosi)