A KwaZulu-Natal father, mother and daughter allegedly linked to a controversial multimillion-rand “pyramid scheme” have been arrested by the Hawks.
Malcolm de Beer, 54, his wife Patricia, 53, and their daughter Samantha, 31, appeared in the Pietermaritzburg magistrate’s court on Tuesday.
The trio are facing charges of fraud, with an alternative charge of theft, for the amount of about R73.6m.
KwaZulu-Natal National Prosecuting Authority (NPA) spokesperson Natasha Ramkisson-Kara said the arrests were the results of the combined efforts of the provincial NPA and the Hawks.
Ramkisson-Kara said the De Beers are also charged with contravention of the Financial Advisory and Intermediary Services act, the Banks Act and money laundering.
“Coin-It placed advertisements on its website and in newspapers calling for people to invest with them. As a result of the advertisements, several people deposited funds into Coin-It bank accounts. In terms of the Financial Advisory and Intermediary Services act and the Banks Act Coin-It was not authorised to accept deposits from investors,” said Ramkisson-Kara.
She said the state alleges the entity was not registered as a financial services provider and contravened legislation by not having the prescribed licence.
Ramkisson-Kara said the trio were released on bail of R50,000 each.
She said Malcolm and Patricia surrendered their passports and were advised to contact the investigating officer should they wish to travel.
Ramkisson-Kara said the matter was postponed to March 19 for discovery and will be transferred to the specialised commercial crime court in Durban.
TimesLIVE
Family of three arrested in connection with KZN’s Coin-It investment scheme
A KwaZulu-Natal father, mother and daughter allegedly linked to a controversial multimillion-rand “pyramid scheme” have been arrested by the Hawks.
Malcolm de Beer, 54, his wife Patricia, 53, and their daughter Samantha, 31, appeared in the Pietermaritzburg magistrate’s court on Tuesday.
The trio are facing charges of fraud, with an alternative charge of theft, for the amount of about R73.6m.
KwaZulu-Natal National Prosecuting Authority (NPA) spokesperson Natasha Ramkisson-Kara said the arrests were the results of the combined efforts of the provincial NPA and the Hawks.
Ramkisson-Kara said the De Beers are also charged with contravention of the Financial Advisory and Intermediary Services act, the Banks Act and money laundering.
“Coin-It placed advertisements on its website and in newspapers calling for people to invest with them. As a result of the advertisements, several people deposited funds into Coin-It bank accounts. In terms of the Financial Advisory and Intermediary Services act and the Banks Act Coin-It was not authorised to accept deposits from investors,” said Ramkisson-Kara.
She said the state alleges the entity was not registered as a financial services provider and contravened legislation by not having the prescribed licence.
Ramkisson-Kara said the trio were released on bail of R50,000 each.
She said Malcolm and Patricia surrendered their passports and were advised to contact the investigating officer should they wish to travel.
Ramkisson-Kara said the matter was postponed to March 19 for discovery and will be transferred to the specialised commercial crime court in Durban.
TimesLIVE
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