Curator appointed in Cape pastor Ponzi scheme case

2017-04-21 18:46
Pastor Colin Davids with his wife Charlyn (Supplied via Netwerk24)

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

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The Ponzi Pastor: Who is Colin Davids?

2017-01-18 12:16

Cape Town pastor Colin Davids, accused of being behind a Ponzi scheme, appeared in the Bellville Magistrate's Court on Wednesday after being granted R100 000 bail last June. Watch. WATCH

Cape Town - An apparent Ponzi scheme that saw Capetonians invest millions of rand on the advice of a pastor-turned-forex trader has come under scrutiny in the Western Cape High Court.

The court appointed a curator this week after it emerged that only a third of the funds entrusted to Colin Davids remained, said provincial Hawks spokesperson Captain Lloyd Ramovha on Friday.

It emerged that around R100m of R300m was left in Platinum Forex. The curator would oversee the process of distributing the frozen funds to investors.

"In the ruling, the judge conveyed his sympathy to investors who had simply wanted a good return on their hard earned money," said Ramovha.

The Hawks' criminal investigation against Davids was at an advanced stage.

He was arrested in June 2016 on charges of contravening the Financial Advisory and Intermediary Services Act and Banks Act.

Davids, out on R100 000 bail, was set to return to the Bellville Magistrate's Court on September 17.

Ramovha warned members of the public to stay away from investment schemes that offered higher than usual returns.

Read more on:    hawks  |  cape town  |  crime
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