Court case against alleged 'Ponzi pastor' postponed

2017-01-18 12:12
Pastor Colin Davids with his wife Charlyn (Supplied via Netwerk24)

Pastor Colin Davids with his wife Charlyn (Supplied via Netwerk24)

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

Cape Town – Parow "Ponzi pastor" Colin Davids made a quick, low-key appearance in the Bellville Magistrate's Court on Wednesday.

With a neatly clipped salt-and-pepper beard and an understated suit, Davids did not speak as he stood in the dock. The case was postponed for further investigation.

Davids was arrested last June and released on bail of R100 000 after both he and his company, Platinum Forex, were charged with fraud for allegedly contravening the Financial Advisory and Intermediary Services Act and the Banks Act.

Davids led the New Direction Grace Ministries in Parow and was a director of Platinum Forex.

Enticing returns

He allegedly promised higher-than-usual returns for investments from government employees or people who had just retired. The enticing returns ranged from 48% to 84%.

The Western Cape High Court granted an order in July 2015, freezing the company's assets pending the finalisation of the criminal case.

In court on Wednesday, prosecutor Jannie Knipe said the investigation was progressing well, but it was a complex case and completing the investigation would require time.

At least 50 affidavits were expected to be obtained, and the investigating officer was away on a training course until the end of February.

Knipe's request for a postponement was granted until September 27. Davids left the court flanked by two men, stopping for a few friendly handshakes from people who approached him.

Hawks ask victims to come forward

Outside the court, Davids declined comment. At the time that his assets were frozen, he told News24 that he was innocent.

The National Prosecuting Authority said previously that the scheme allegedly collected money under the guise of being a lawful foreign exchange investor during August 2013.

Investors were allegedly not paid from investment returns, but rather with money from new investors.

Schemes such as these collapse when there are no more new investors.

 - READ: Mathematical proof Ponzi, pyramid schemes will fail

The Asset Forfeiture Unit had alleged that, instead of investing the money entrusted with the company, some of it was used for Davids' own benefit.

The Hawks have asked people who may have been victims of Platinum Forex to contact the investigating officer, Lieutenant Colonel J Hardenberg, on 021 918 3354 or email him:

Read more on:    cape town  |  fraud  |  crime

Join the conversation! 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.

Inside News24

Competition regulation for a growing and inclusive economy

ADVERTORIAL: The Competition Commission of South Africa is conducting advocacy work in the South African automotive aftermarket industry and has gazetted a Draft Code of Conduct for public comment.


Man scores date with tennis superstar after Twitter bet

It’s a modern day Cinderella story, but one American man took ‘shoot your shot’ seriously in 2017.


You won't want to miss...

Who are the highest paid models of 2017?
10 gorgeous plus-sized models who aren't Ashley Graham
5 top leg exercises for men
10 best dressed men of 2017
Traffic Alerts
There are new stories on the homepage. Click here to see them.


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 network.


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.