The couple standing accused of allegedly defrauding scores of people of large amounts of monies through a fraudulent investment scheme, is reappearing for pretrial in the Ladybrand Magistrates’ Court today (18/08). The pair, Albert David and Bonolo Millicent Titus, has made court appearances since September last year.
The duo faces charges ranging from fraud and money laundering, to the contravention of section 7 of the Financial Advisory and Intermediary Services Act and contravention of section 11 of the Banks Act.
The Titus couple handed themselves over to the police in the wake of their hunt by the Hawks’ Serious Commercial Crimes unit based in Bethlehem regarding the investment scam.
Through the get-rich-quick investment scheme operated in Ladybrand during 2020, they allegedly defrauded about 60 victims who have come forth to open cases against the couple.
According to Capt. Christopher Singo, provincial spokesperson for the Hawks, the victims had lost approximately R600 000 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 was roughly R100 000 by a single person.
He said according to information received through statements by the victims, the couple promised good interest after 30 days for monies invested in the scheme.
However, the victims were left high and dry without payment of interest for monies invested, including their monies.
Singo said the couple vanished from where they operated in Ladybrand. He said it was then that the victims became aware they had been defrauded.
