By Staff Reporter
QWAQWA-Caleb Ntuli 39 who is charged of defrauding Phuthaditjhaba community and contravention of Financial Advisory and intermediary services act has been released on bail of R20 000 on Monday 19 September 2022 and expected to be back in Phuthaditjhaba magistrate court on September 30, 2022.
According to Hawks spokesperson captain Christopher Singo, Ntuli was arrested at Palm Ridge in Gauteng province on Saturday 17 September 2022 by hawks‘ serious commercial crime investigation team based in Bethlehem.
It is alleged that between the period of 2017 until 2019, the victims invested their money into an investment scheme known as Tswaranang community stokvel with a promise of getting an interest of 30 t0 50 percent within 30 days.
The victims did not receive their money as promised .As a result they suffered a total loss of R8Million.
The matter was reported to the Hawks for further investigations which culminated to the arrest of the suspect.