We recently saw the recent developments made by investigations conducted by law firm Bowmans and the Special Investigating Unit (SIU) relating to dodgy tenders at Eskom over the past 10 years resulting in a R178 billion graft. The investigations found a slush fund created by former executives where they had monies paid for various aspects of their lives. One of the cases involves a company named Tubular construction which supplied services to Eskom over contracts worth R1,2 billion and a multinational company called Babinatlou Business Solutions which also received millions. How are monies located and traced? Joining us to discuss this is Investigator at IRS Forensic Investigators, Chad Thomas.
The wife of Pofadder hotelier Leon Brits has been arrested in connection with his murder last year, police said on Monday.
According to police spokesperson Captain Sergio Kock, provincial organised crime detectives and other stakeholders arrested his widow at around 08:45 in Marchand, Kakamas.
Bitcoin’s price rocketed more than eleven-fold to break past the barrier of $60 000 (R896 000) from a low of $5 300 during the Covid-19 financial crisis.
The currency, however, decreased in value to $56 000 on Monday.
This follows the downfall of various schemes claiming to trade in cryptocurrencies. The most recent is the application to liquidate MTI. It is said that about 100 000 South African and international investors will lose R6 billion after the CEO of MTI, Johann Steynberg allegedly fled to Brazil in December last year, never to be seen again, since then.
Apparently Steynberg is the only one with access to the investments. MTI was provisionally liquidated after Steynberg disappeared and it will hear at the end of May whether the company will be put under final liquidation, which created scepticism under some investors.
But the latest increase caused even sceptics to look with renewed interest to the cryptocurrency.
Despite Monday’s pullback, many investors believe the outlook for Bitcoin’s price remains tilted to the upside.
However, investors should really be careful, cautions private forensic investigator, Chad Thomas.
According to Thomas the digital nature of Bitcoin and other cryptocurrencies makes it the ideal product for conmen and scammers.
The currency cannot be regulated through financial statements and other measures that protects investors against losing their money in other investments, Thomas told Izak du Plessis. Watch the video.
Watch part 1 of the Special Assignment insert into serial fraudster, Tracey Morrison, which aired on SABC on 2 March 2021. Part 2 will be during this coming Tuesday 9 March 2021 on SABC.
The Hawks are investigating a case of fraud involving up to R5-million in a so-called cryptocurrency investment scheme that was run by a company called Trinity Tokens in Mossel Bay.
Hundreds of residents in the Garden Route towns of Knysna and Mossel Bay in the Western Cape have been duped out of their life savings and pensions in an alleged cryptocurrency investment scam. The victims could have lost as much as R5 million. Criminal cases have been opened against the alleged fraudsters, who have since fled the area. A private investigating company found that they operated in the Eastern Cape before making their way to the Garden Route.
Chad Thomas, a security analyst from IRS Forensic Investigations, said South Africans should brace themselves for an increase in crime during load shedding. Thomas’s warning comes after Eskom announced a continuation of level 2 load shedding for the rest of the week.
According to Thomas contact crimes always increase during times of a big power outage. These crimes include theft out of cars during traffic congestion due to traffic lights not operational. Rape, assault and robbery are also significantly higher during load shedding.
“People living and working in high density areas tend to be the victims of these type of contact crimes,” Thomas said.
In suburban areas people should be on the lookout for house robbers, especially after a long period of power outage. Thomas said load shedding is putting a huge strain on the batteries of alarm systems, electronic gates and electric fencing, especially when it occurs two to three times a day. The battery will deteriorate quicker than normal.
“This gives criminals the perfect opportunity to rob a house, knowing they won’t be bothered by a security company due to an alarm that went off.” Thomas said.
Thomas said to Izak du Plessis there are various steps people can take to reduce the risk of becoming a victim during load shedding. Watch the interview to find out how you can safeguard yourself.
Mirror Trading International - MTI - Update
Clynton and Cheri marks right of reply from their attorneys in full:
Following tonight’s insert on Carte Blanche, the producers have released the full un-redacted reply of the questions that Carte Blanche put to Clynton and Cheri Marks.
The Master of the Cape High Court has appointed four provisional liquidators to track down whatever assets they can from Mirror Trading International (MTI), the bitcoin investment scheme that stopped paying out members’ requests for withdrawals in December after its CEO, Johann Steynberg, went Awol.
It’s not looking good for the 280 000 members planning on harvesting profits before Christmas.
South Africa is ranked 31st out of 75 countries in terms of cybersecurity exposure. This is according to the latest research from global research company Comparitech.
Chad Thomas, CEO of IRS Forensic investigations speaks to Xoli Mngambi about Shepherd Bushiri fleeing South Africa ahead of his fraud trial.
Drie in hof op string klagtes na ponzi-belegginskema van meer as R11 miljoen in mekaar tuimel.
Marlene en Clive Lewarne, die beweerde meesterbreine agter ’n multi-miljoen rand ponzi-beleggsinskema, het Vrydag vlugtig saam Annelie Smit in die streekhof op Middelburg verskyn, na hul arrestasie vroeër die oggend.
A Durban Regional court has convicted notorious fraudster Sugan Deon Naicker to 35 years imprisonment. The 37-year-old Chatsworth resident pleaded guilty to seven counts of fraud amounting to over R500 000, while several cases remain open across the country.
IRS does not believe the matter stops here as there are still other cases that Naicker must account for. The difference now is that he cannot evade arrest or not present himself at court because we know where he is - in prison!
Article via Indian Spice who have been at the forefront of keeping this case in the public domain.
The bank accounts of the online forex trader JP Markets remain in limbo and now the liquidators appointed by the court to wind up the business also don’t have access to the company funds.
Eastern Cape police have re-arrested five of seven awaiting trial prisoners who escaped from the Elliot police holding cells.
It’s estimated that a master conman and his accomplices may have conned as much as R500-million out of over 300 victims in what’s been described as one of the biggest litigation funding schemes ever, in South Africa. And from being bullied at high school to being a charismatic daredevil behind the wheel of her pink BMW, Stacey Lee May has wormed her way into the hearts of the South African motorsport fraternity.
Alleged criminal Casanova Rudi Brits has refused to eat any food since being transferred to prison in Stellenbosch.
He apparently wants to be moved back to Pollsmoor prison, the Stellenbosch Magistrate's Court heard on Wednesday.
The Asset Forfeiture Unit (AFU) announced on Tuesday that it had, based on evidence from the National Consumer Commission and Financial Intelligence Centre, frozen the accounts and was investigating a Covid-19 pyramid scheme called Up Money grocery club owned by Jude Matsimela and Sipho Mdhuli.
