News24 | Man arrested for alleged R23m ponzi scheme fraud

Jaco Botha allegedly defrauded investors over R23 million in a ponzi scheme. (Hawks/Supplied)

The Hawks have arrested a man accused of fleecing investors of more than R23 million in an alleged fraudulent investment scheme.

Hawks spokesperson Captain Lloyd Ramova said it was alleged that Jaco Botha, 42, got multiple people to invest money with his company Steadfast (Pty) Ltd, promising them high-interest returns over time, something that never materialised.

This allegedly took place between April and July 2023.

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"The investigation by the Hawks has revealed that Botha's company was never registered at the Financial Sector Conduct Authority (FSCA) as a financial institution, licensed to conduct investment, nor was it authorised to take deposits from the public, which is a breach of the Banks Act and the Financial Advisory and Intermediary Services Act (FAIS)," Mogale said.

"A case reflecting Edenpark police station was registered in October 2023. A warrant of arrest was duly authorised, and Botha was traced and arrested in Riversdale, Western Cape, on Monday."

Botha appeared in the Riversdale Magistrate's Court on Monday, and the case was transferred to the Palm Ridge Magistrate's Court for a bail hearing on 2 September.

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