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Alleged PE fraudster granted bail of R10,000

The 46-year-old man appeared in court on Tuesday after having been apprehended earlier in the day.

Picture: Pixabay.com

CAPE TOWN - A man has been granted R10,000 bail in the Port Elizabeth Specialised Commercial Crime Court for fraud and money laundering amounting to just over R23 million.

The 46-year-old man appeared in court on Tuesday after having been apprehended earlier in the day.

He also faces a charge of unlawfully operating as a financial services provider.

He's accused of having recruited people to invest in his company between 2010 and 2015 and promised to invest the money in the foreign exchange market.

The Hawks' Anelisa Feni says: “The potential investors heeded his call and consequently invested a combined value of just over R23 million. He allegedly promised a return of between 2% and 3% to investors.”

(Edited by Shimoney Regter)