2 appear for investment fraud

2013-04-23 16:02

(Shutterstock)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Johannesburg - Two men accused of operating a fake investment scheme have appeared in the Butterworth Magistrate's Court on fraud charges, Eastern Cape police said on Tuesday.

Police spokesperson Jackson Manatha said the director of the scheme, Kwazi Joshua Mpumlwana, and the portfolio manager, Phanuel Tashaya, appeared in court on Monday.

The men, who operated Uphill General Consulting Investment, would appear in court again on Monday when they were expected to apply for bail.

Manatha said the Mthatha commercial crime unit arrested the men on Thursday, after "hundreds of people" complained to police about the scheme.

The fake investment scheme, which apparently began in 2007, targeted pensioners, civil servants, and business people.

"Victims invested huge amounts of money and were promised that their [investments] would double after a period of time, but this was an empty promise as they were not paid their money," Manatha said.

He appealed to others who had invested in the multi-million rand scheme to contact the police.

"This will enable the Asset Forfeiture Unit to process their legal claims."

Read more on:    east london  |  corruption

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.

Inside News24

 
PARTNER CONTENT
INFOGRAPHIC: New thinking required for retirement

Everything we believe about retirement is fast becoming outdated.

PARTNER CONTENT
WATCH: How education can change a life

A university education gives students the chance to create a better future for themselves, their families and to opportunity achieve their dreams.

/News

Book flights

Compare, Book, Fly

Traffic Alerts
Traffic
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.