A 69-year-old suspect was arrested on Tuesday by the Directorate for Priority Crime Investigation (Hawks) for allegedly defrauding a victim of R16.4 million through fake investment opportunities in the petroleum sector.
According to authorities, the Serious Economic Offences unit apprehended the individual following an investigation into incidents dating back to July 2018.
It is alleged that the suspect approached the victim and presented business opportunities involving investments in petroleum and gas storage, as well as fuel trading. During these discussions, the suspect reportedly provided the victim with documents purporting to be a signed agreement and a standby letter of credit from a bank.
Subsequently, the victim invested a total of R16.4 million with the suspect. Hawks officials state that the funds were allegedly used by the suspect for his own personal gain, and the victim never received the promised business opportunities.