R3,000 bail for R1.5 million scam
‘What seems too good to be true, probably is’
Rustenburg – A 45-year-old man was arrested and appeared before the Rustenburg Magistrates’ Court on Wednesday 22 September on charges of running an investment scam worth R1.5 million.
Thabo James Modau, who faces 38 counts of fraud and money laundering, was granted R3,000 bail and will make his second court appearance on 8 November.
It is the state’s case that in 2014, Modau lured victims into investing money into a company called Green Fields by promising them a 100% return on investment. However, Modau was nowhere to be found when the dividends were due to be paid. The victims then discovered that they had been depositing their money into Modau’s personal bank account.
Says Hawks North West spokesperson Tlangelani Rikhotso: “None of the victims have been reimbursed. We cannot guarantee that the funds will be reimbursed. In cases like these, the money that was scammed, is already spent.
However, our Priority Crime Specialised Investigation Unit that deals with finances and assets will assist with that aspect of the investigation.”
The North West provincial head of the Hawks major general Patrick Mbotho pleaded with community members against rushing into investing their hard-earned money in little known companies: “What seems too good to be true, probably is.”
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