Man nabbed for mortgage credit fraud worth R9.5m

2016-07-02 20:43

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

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.

Read more on:    cape town  |  fraud  |  crime
NEXT ON NEWS24X

Inside News24

 
Most Read
News In Your Area
Top Lifestyle

Matric Results are coming soon!

Notify me when results become available

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

/News
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.