Man nabbed for mortgage credit fraud worth R9.5m

Cape Town – The case against an alleged fraudster has been transferred to Cape Town after the 34-year-old’s arrest for fraud, uttering and money laundering relating to mortgage credit fraud of R9.5m.

The Hawks arrested Malusi Norrison Kuzwayo, 34, in Umhlanga following a long investigation, spokesperson Captain Lloyd Ramovha said on Saturday.

“He is accused of being part of a countrywide syndicate that presents falsified documents to banks for bond applications and other credit facilities, including vehicles,” he confirmed.

It is alleged that Kuzwayo fraudulently acquired two properties in Gordons Bay and Constantia between 2006 and 2007, valued at just under R10m.

He appeared in the Durban Specialised Commercial Court on Friday and the matter was transferred to Cape Town, where he will appear on Monday.

Ramovha said Kuzwayo faces almost a dozen charges for contravening the Prevention of Organised Crime Act, and the possibility of more charges being added cannot be ruled out.

“Disturbingly there's a growing phenomenon of ordinary people agreeing to opening bank accounts for fraud syndicates using their details. They are then paid a certain fee for their accounts to be used to channel and withdraw criminal proceeds,” Ramovha said.

He warned those involved will also face criminal charges for complicity to the original crime even if they claim ignorance to it.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Voting Booth
Are you going to keep wearing a mask following the announcement that it is no longer required under law?
Please select an option Oops! Something went wrong, please try again later.
Results
No ways, I'm done
42% - 3952 votes
Yes, I still want to be cautious
21% - 2013 votes
Only certain circumstances
37% - 3541 votes
Vote
Rand - Dollar
15.86
-0.3%
Rand - Pound
19.45
-0.4%
Rand - Euro
16.78
-0.7%
Rand - Aus dollar
10.97
-0.1%
Rand - Yen
0.12
-0.1%
Gold
1,822.72
-0.3%
Silver
21.14
-0.0%
Palladium
1,873.00
-0.4%
Platinum
912.00
+0.1%
Brent Crude
113.12
+2.7%
Top 40
61,525
+2.5%
All Share
67,827
+2.2%
Resource 10
65,489
+1.6%
Industrial 25
80,203
+4.5%
Financial 15
15,428
-1.3%
All JSE data delayed by at least 15 minutes Iress logo
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE