Two more people arrested in R30m cryptocurrency investment scam

play article
Subscribers can listen to this article
The Hawks arrested two more people in connection with a cryptocurrency investment scam.
The Hawks arrested two more people in connection with a cryptocurrency investment scam.
PHOTO: Tiro Ramatlhatse/Gallo Images, Sowetan
  • Two people have been arrested in connection with a cryptocurrency investment scam.
  • The victim lost more than R30 million in the scam.
  • The arrests bring the number of accused in the case to three.

Two people have been arrested in connection with a cryptocurrency investment scam in which a victim allegedly lost more than R30 million.

Zain Muhammed Valle, 57, and Michelle Bianca Bezuidenhout, 25, appeared in the Lenasia Regional Court in Johannesburg on Tuesday. They joined Bezuidenhout's husband and co-accused, Jarrod de Lange, 32, in the dock. Lenasia police arrested De Lange in 2020.

READ | Father and son arrested for R99 debit order scam that raked in R18 million

Valle and Bezuidenhout have been charged with fraud and money laundering following their arrest by the Hawks at their residences in Lenasia and Alberton.

"Their arrest emanated from an alleged cryptocurrency establishment scam in which the complainant was lured to invest in Siyakhula Logistics Pty (Ltd) in February 2020, with potential lucrative dividends," said Hawks spokesperson Captain Ndivhuwo Mulamu.

Mulamu added:

The complainant allegedly transferred approximately R34 million into the establishment and Bezuidenhout's bank accounts on different transactions.

Valle allegedly introduced the complainant to De Lange as a business acquaintance. The complainant agreed to enter into a partnership in the cryptocurrency business "but the money was used for Liverage Trading company without the complainant's consent", said Mulamu.

Valle and Bezuidenhout were granted R10 000 bail each. De Lange was released on R20 000 bail.

The case was postponed to 19 July for legal representations.

Did you know you can listen to articles? Subscribe to News24 for access to this exciting feature and more.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Voting Booth
Zama zama crackdown: What are your thoughts on West Village residents taking the law into their own hands?
Please select an option Oops! Something went wrong, please try again later.
Authorities should bring in the army already
11% - 1892 votes
Illegal miners can't be scapegoated for all crime
49% - 8726 votes
What else did we expect without no proper policing
36% - 6450 votes
Vigilante groups are also part of the problem
4% - 629 votes
Rand - Dollar
Rand - Pound
Rand - Euro
Rand - Aus dollar
Rand - Yen
Brent Crude
Top 40
All Share
Resource 10
Industrial 25
Financial 15
All JSE data delayed by at least 15 minutes Iress logo
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.