A father (74) and son (47) were arrested in Roodepoort in connection with R16m cryptocurrency fraud that targeted two Newcastle residents.

Northern Natal News reports that Lizzy Arumugam of the Newcastle SAPS Corporate Communications Department says the arrests, carried out by the Johannesburg K9 Unit and DPC Tracing Team, marked a significant breakthrough in a complex investigation led by Warrant Officer Henning De Meyer under the command of Lieutenant Colonel JJ Oberholzer.

“The suspects allegedly lured their victims with promises of lucrative returns through Bitcoin and cryptocurrency investments,” says Arumugam.

She adds that the duo convinced the victims to deposit substantial sums into designated bank accounts, under the impression they were purchasing Bitcoin.

“After multiple payments, the victims received no returns, and the suspects ceased communication when demands for refunds were made,” she says.

The cases were registered at Newcastle SAPS, prompting a thorough investigation.

Financial records revealed deposits traced to the suspects’ accounts across three banks, with support from the South African Banking Risk Information Centre.

“Armed with compelling evidence, Warrant Officer De Meyer secured J50 Warrants of Arrest, leading to the suspects’ apprehension in Roodepoort. Electronic devices were seized during the arrests and are undergoing forensic analysis to uncover further evidence.”

The suspects appeared in the Newcastle Regional Court last Thursday, where they were  charged with fraud.

The case was remanded, with a future court date pending. Authorities suspect the pair may be linked to additional fraud schemes and are continuing investigations to identify other potential victims.

Major General Alexander, Amajuba district commissioner, praised the investigative team for their relentless efforts.

“The dedication of Warrant Officer De Meyer, Lieutenant Colonel Oberholzer and their colleagues has brought justice closer for the victims and serves as a warning to fraudsters,” he says.

Anyone with information related to similar schemes is encouraged to contact their nearest SAPS station.

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