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Jaco Botha is alleged to have defrauded investors of more than R23 million through a Ponzi scheme. (Hawks/Supplied)
The Falcons have arrested a man accused of defrauding investors of more than R23 million through an alleged fraudulent investment scheme.
Hawks spokesman Captain Lloyd Ramova said Jaco Botha, 42, allegedly got multiple people to invest through his company Steadfast (Pty) Ltd, promising them high interest returns over time, a promise that never materialized.
The incident is said to have occurred between April and July 2023.
“Falcon’s investigation revealed that Botha’s company had never been registered as a financial institution with the Financial Sector Conduct Authority (FSCA), had no investment license, and was not authorised to take deposits from the public, in contravention of the Banking Act and the Financial Advisory and Intermediary Services Act (FAIS),” Mogale said.
“In October 2023, a case was opened at the Eden Police Station. An arrest warrant was duly granted and Botha was tracked down and arrested in Riversdale, Western Cape on Monday.”
Botha appeared in Riversdale Local Court on Monday and the case was transferred to Palm Ridge Local Court for a bail hearing on September 2.
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