Ricochet News

Alleged fraudster granted R500 bail after swindling over R200 000 from investors

Jan 25, 2018
Alleged fraudster granted R500 bail after swindling over R200 000 from investors

A 39-year-old man appeared before the Upington Magistrate's Court on Wednesday facing charges of fraud amounting to over R200 000.

"It is alleged that Mr Willem Louw claimed to have a business Investment Company in which he recruited individuals to invest in his company," said police spokesperson, Captain Philani Nkwalase.

"He further affirmed that his investors will receive interest through their investment. However, he failed to adhere to his alleged promises.

"Three victims were robbed of their hard earnings to the total value of R210 000 between August 2010 and 31 August 2011."

Apparently, an agreement was reached in court for the suspect to pay the money back and he reneged on the settlement in 2017.

"Consequently, a warrant of arrest was issued against him and he appeared briefly in court and granted a bail R500 pending his next appearance on 31January 2018."