Fraud scheme busted, 2 arrested

2013-04-20 22:12
Money. (Duncan Alfreds, News24)

Money. (Duncan Alfreds, News24)

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East London - Two people were arrested for fraud in connection with a fake investment scheme in Butterworth and surrounding areas, Eastern Cape police said on Saturday.

Captain Jackson Manatha said the men, aged 32 and 34, were arrested in Johannesburg on Thursday by the Mthatha commercial crime unit.

"Hundreds of people came to complain to the police that they had invested their money with Uphill General Consultant and they were not paid what was due to them," he said in a statement.

"The victims of the fake investment scheme are pensioners, civil servants and business people across the length and the breadth of South Africa."

Manatha said the investment scheme started in 2007 and complaints started in August 2012.

People invested huge amounts of money and were promised that their investment would double after a period of time but people were not paid the money promised, he added.

The men would appear in the Butterworth Magistrate's Court on Monday on charges of fraud.
Read more on:    east london

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