PONZI SCHEME MASTERMIND ARRESTED FOR 23 MILLION INVESTMENT FRAUD
GAUTENG – An alleged Ponzi scheme mastermind, Jaco Botha (42), has been arrested following the Hawks’ Serious Commercial Crime Investigation into an alleged fraudulent investment scheme where investors lost more than R23 million.
A case reflecting Edenpark police station was registered in October 2023. A warrant of arrest was duly authorized, and Botha was traced and arrested in Riversdale, Western Cape, on Monday, 26 August 2024. He consequently appeared in court on the same day.
The allegations are that, from April 2023 to July of the same year, Botha duped multiple individuals into investing money with his company Steadfast (Pty) Ltd. He promised them high-interest returns on investment over some time. This was never the case as no returns were ever received by the investors.
The investigation by the Hawks has revealed that Botha’s company was never registered at the Financial Sector Conduct Authority (FSCA) as a financial institution, licensed to conduct investment, nor was it authorized to take deposits from the public which is a breach of the Banks Act and the Financial Advisory and Intermediary Services Act (FAIS).
Botha appeared in the Riversdale Magistrates Court on Monday, 26 August 2024. The case was transferred to the Palm Ridge Court for a bail hearing on Monday, 02 September 2024.
