A Free State man has been sentenced in the Ladybrand Magistrate’s Court for duping investors.
David Albert Titus, 40, has been convicted on charges of fraud and money laundering.
The matter was investigated by members of the Directorate for Priority Crime Investigation (known as Hawks).
The provincial spokesperson for the Hawks, Lieutenant Colonel Zweli Mohobeleli, said one of the investors alerted police to the crimes.
“Twelve victims invested a cumulative R900,000 with Titus who had promised a 20% monthly interest for investing on their behalf.
“One of the victims, who had sowed R100,000, alerted the police when dividends were no longer forthcoming. Bethlehem-based Serious Commercial Crime Investigation detectives looked into the matter and hauled him before the court,” Mohobeleli said.
Titus was sentenced to an effective 11 years imprisonment for fraud and money laundering. The court also declared him unfit to possess a firearm.
Acting head of the Hawks in the Free State, Brigadier Xolani Matroos has commended the investigators for ensuring the sentence.
“We advise investors to use the services of reputable financial institutions and accredited financial experts,” Matroos advised.
In a separate incident, a 64-year-old bookkeeper is expected to appear in the Bloemfontein Magistrate’s Court later this month.
The bookkeeper so accused of contravening the Tax Administration Act.
She was notified of her appearance on June 3, 2024, by members of the Hawks’ Serious Commercial Crime Investigation (SCCI) based in Bloemfontein.
“The South African Revenue Service (Sars) alleges that the suspect submitted fraudulent Company Income Tax returns during the tax periods from 2016 to 2018. This resulted in SARS suffering losses over R600,000. As a result, SCCI was alerted culminating in her arrest,” Mohobeleli said.
She is expected back in court on June 25.
-IOL
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