Joburg man arrested for allegedly scamming 'affluent' investors out of R7m

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Gauteng man was arrested for alleged R7 million fraud.
Gauteng man was arrested for alleged R7 million fraud.

A 35-year-old man was arrested in Johannesburg on Friday for allegedly defrauding unsuspecting investors of more than R7 million.

According to the Hawks, the man swindled money from well-off people between November 2017 and February 2019.

"The suspect rented an office in Sandton under the Goldmine Stock Market Traders (Pty) Ltd, promising a 100% interest to the investors," said spokesperson Colonel Katlego Mogale.

"He allegedly targeted affluent people who would invest millions of rands into his scam. None of them received the promised interest, nor the capital. The suspect moved office and disappeared."

The matter was reported to the Hawks.

The alleged scammer was arrested at his home on Friday.

He is expected to appear in the Palm Ridge Magistrate's Court on Monday to face charges of fraud.   

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