3 people arrested for allegedly defrauding TERS of approximately R10 million

The company, which had 29 employees on its payroll, was granted the R10 million after it falsely declared that it had 537 employees and the three directors split the money among themselves.

FILE: The Hawks aid the money was laundered into various bank accounts by the trio for self-gain. Picture: SAPS.

JOHANNESBURG - The Hawks have arrested three company directors in Germiston for allegedly defrauding the COVID-19 temporary relief scheme fund of about R10-million.

It's understood the directors of DebMag Trading applied for the fund from April to June last year.

The company, which had 29 employees on its payroll, was granted the R10 million after it falsely declared that it had 537 employees.

The Hawks aid the money was laundered into various bank accounts by the trio for self-gain.

On Thursday, they were arrested in Polokwane and appeared in the Commercial Specialised Crimes Court.

They've been granted bail of between R5,000 and R10,000 and their matter has remanded to 21 October.

Hawks spokesperson Philani Nkwalase said: “Three suspected handed themselves to the offices of the Hawks. They were facing charges of fraud and contravention of the public Finance Management Act.”

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