Cape Town – A 65-year-old man has been arrested after handing himself over to the Hawks’ Serious Commercial Crime Investigation unit on Thursday, 4 December 2025, in connection with an alleged R100 million fraud and money-laundering scheme.
According to the South African Police Service (SAPS), the suspect is accused of posing as a legitimate financial advisor and luring victims into depositing money into various bank accounts under the pretext of investing in offshore markets.
“The suspect, who is facing charges of fraud and money laundering, is alleged to have defrauded unsuspecting victims through his company by misrepresenting himself as a financial advisor,” SAPS said.
#sapsHAWKS Gauteng: A 65yr-old suspect has been arrested by the #Hawks‘ Serious Commercial Crime Investigation after handing himself over to authorities on Thursday, 04/12 for fraud and money laundering.
The suspect is alleged to have defrauded unsuspecting victims through his… pic.twitter.com/4KdXCdHOYB
— SA Police Service 🇿🇦 (@SAPoliceService) December 4, 2025
Investigators have established that the man was disbarred in 2009 and that the company he used to solicit funds was not registered with the Financial Sector Conduct Authority (FSCA).
“Victims deposited money into different bank accounts provided by the suspect promising to invest in offshore markets. However, the suspect never invested any of the money,” police added.
As a result, authorities say victims collectively lost R100 million.
The suspect is expected to make his first appearance at the Palm Ridge Specialised Commercial Crimes Court on Thursday, 4 December 2025.
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Compiled by Betha Madhomu
