The couple Albert David and Bonolo Millicent Titus
Supplied Credit: SYSTEM
Three alleged scammers who operated in Ladybrand are to stand trial in the courtroom, with disgruntled victims in attendance.
The victims are hoping for relief in the form of harsh sentencing, as there is no guarantee they will ever get back the large amounts of money lost to get-rich-quick schemes.
The alleged scammers on trial are the couple Albert David and Bonolo Millicent Titus, as well as Moeketsi Ntshasa, who is implicated in a separate case.
They face charges ranging from fraud and money laundering, to the contravention of section 7 of the Financial Advisory and Intermediary Services (Fais) Act, and contravention of section 11 of the Banks Act.
The pretrial of the Titus couple was heard in the Ladybrand Magistrates’ Court on Friday (18/08). The trial is to continue on 1 and 2 November while Ntshasa’s trial will continue on 2 and 3 November. Through the get-rich-quick investment scheme operated during 2020, the couple allegedly defrauded about 60 victims while 500 victims have opened cases thus far against Ntshasa.
According to Capt. Christopher Singo, provincial spokesperson for the Hawks, victims lost approximately R600 000 to David and Titus, combined. He said the victims invested different amounts of money in the scheme, which was in the couple’s name.
Singo said the highest amount invested by a single person was roughly R100 000.
Moeketsi Ntshasa in picture
He said according to information received through statements by the victims, the couple promised high interest returns on investments after 30 days.
However, the victims were left high and dry.
Singo said after the couple had vanished from their base of operations in Ladybrand, the victims became aware they were defrauded.
The pretrial against Ntshasa was heard on 26 June. It pertains to a fraudulent scheme known as the Integrated Investment Inn, through which ordinary citizens lost R15 million.
The victims agreed to investment with the promise of getting an interest return of 10%.
Singo said further probing revealed that Ntshasa had operated the scheme from 2018 until 2021, and that he vanished with millions of rands during November 2021.
He is out on bail of R10 000.
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