Ricochet News

Investment scams: Fraudster disappears after swindling over 500 people

Jul 5, 2017
Investment scams: Fraudster disappears after swindling over 500 people

Police in Matatiele are investigating a case of fraud after an investment scammer vanished with monies belonging to over 500 residents.

According to police spokesperson, Col Sibongile Soci, "It is alleged that many people invested a lot of money with the hope of getting more interests in return, but it wasn't the case here, because instead of receiving the proceeds of their money invested, the investors closed down the businesses and disappeared without a trace. 

"The business clients realized this sometime last week when some of them visited the investor's offices in town to invest again/receive the interests. 

"They were shocked when noticed that the investors were no longer there."

Colonel Soci said that more than 200 defrauded clients have filled their statements in the opened case.

Matatiele police opened a case of theft by false pretence against the scheme owner on the 3rd of July.