Convicted fraudster given deadline to pay R1m back to victims

Martin Smuts was this week sentenced in the Bellville Specialised Commercial Crime Court. He was arrested in 2014 for defrauding people out of millions of rand.

Picture: SAPS

CAPE TOWN - A convicted fraudster has been ordered to pay back R1 million to his victims by Friday or face 10 years behind bars.

Martin Smuts was this week sentenced in the Bellville Specialised Commercial Crime Court. He was arrested in 2014 for defrauding people out of millions of rand.

Martins Smuts was found guilty and sentenced to 10 years in prison for defrauding victims of R6 million in a bogus investment scheme.

He had posed as a representative of a JSE enlisted investment company.

He would then convince his victims to deposit money into an account he had with the company.

His ill-gotten gains were transferred into another account from which he'd pay victims interest on their supposed savings.

But at the same time, he was also spending their cash. When the money dried up, eight of his victims then cried foul.

(Edited by Shimoney Regter)