Undercover Billionaires trio arrested for R100-m fraud

-Edited by Bev Mortimer- Three men , who allegedly enticed people to invest around R100-million, with a promise of high returns, in an unregistered investment scheme, were arrested south of Johannesburg in Palm Ridge by the South African Hawks’ Serious Commercial Crime Investigation yesterday.

The trio, Louis Tshakoane, aged 74, , Suzan Tshakoane, aged 59, and Louis Tshakoane junior, the son, aged 34, appeared in the Palm Ridge Specialised Commercial Crimes Court yesterday, on charges of fraud, theft, money laundering and contravention of the Financial Advisory and Intermediary Services Act. The eldest Tshakoane, said to be the former Kaizer Chiefs PRO, was arrested at a funeral.

The youngest suspect, was arrested in a residence at Kempton Park. He was also arrested in 2019 and was granted bail of R70k. He made a series of appearances but later absconded. His arrest was as result of a bench warrant for which he forfeited his bail, the SAPS said.

The three suspects will appear again in the Palm Ridge Specialised Commercial Crimes Court on 23 May for formal bail application.

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