NPA AND DPCI JOINT STATEMENT ON ‘COINIT’ R73 MILLION FRAUD CASE
Following the combined efforts of the KwaZulu-Natal(KZN) Division of the National Prosecuting Authority and the DPCI in KZN, Malcolm de Beer (54), Patricia de Beer (53), and Samantha de Beer (31), appeared in the Pietermaritzburg Magistrates’ Court today on charges of fraud, with the alternative charge of theft, to the amount of approximately R73. 6 million. They are also charged with Contravention of the Financial Advisory and Intermediary Services Act, the Banks Act, and money laundering.
COINIT had placed advertisements on its website and in different newspapers calling for people to invest with them. As a result of the advertisements, several people deposited funds into COINIT’s bank accounts. In terms of the Financial Advisory and Intermediary Act and the Banks Act, COINIT was not authorised to accept deposits from investors. The state alleges that the entity was not registered as a financial services provider; and contravened the legislation by not having the prescribed licence.
Today in court, they were released on bail of R50 000 each. Malcolm and Patricia surrendered their passports and were advised to contact the Investigating Officer should they wish to travel. The matter, which was remanded to 19 March 2024 for discovery, will be transferred to the Specialised Commercial Crimes Court in Durban and the accused will appear there on the next occasion.
The NPA and the DPCI are committed to fighting fraud, and by working together with each other and our partner stakeholders, we can turn the tide against crime in South Africa.
