Bogus investment schemer arrested in Palm Ridge

A 39-year-old suspect was arrested at Palm Ridge in the Gauteng province on Saturday, 17 September 2022 by the Hawks’ Serious Commercial Crime Investigation team based in Bethlehem.

It is alleged that between the periods of 2017 until 2019, the victims invested their money into an investment scheme known as Tshwaranang Community Stokvel with a promise of getting an interest return of 30 to 50 percent within a period of 30 days. The victims did not receive their money as promised. As a result, the victims suffered a total loss of R8 million.

The matter was then reported to the Hawks for further investigation which culminated to the arrest of the suspect.

The suspect is expected to appear before the Phuthaditjhaba Magistrates’ C

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