The Ficksburg magistrate’s court on Wednesday released investment fraudster Motsamai Nyamane on R10 000 bail.
The Sea of Mountains investment scheme owner promised members at least 50% returns after 30 days on their initial investments. Instead, he defrauded the hopeful members a total of more than R600 000.
Free State Hawks’ spokesperson, Captain Christopher Singo, said 38 people have given statements alleging to have been scammed by Nyamane through his bogus business.
“The victims never received their money as promised by Nyamane. This incident took place during the period of April 2018 and December 2018,” said Singo.
“The matter was reported to the Hawks’ serious commercial crimes investigation team based in Bethlehem for further investigation, which culminated to the arrest of Nyamane yesterday [Wednesday] morning,” he added.
Nyamane is due back in court on July 15.
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