A man accused of fraud to the tune of R1.2m was granted R20,000 bail in the Randburg Magistrate’s Court on Wednesday.
Ajith Haripersad Maharaj, 57, is accused of masterminding an investment scam in which he allegedly lured a potential investment banker to invest millions in a US-based investment scheme, Atlantic Crescent Trade.
Maharaj allegedly assured the investor he would receive high-interest returns.
According to the Hawks, however, the investor never received his dividends as promised.
“The investor allegedly made two transactions in November 2018 amounting to R1.2m and never received the dividends as promised.
“The matter was escalated to the Hawks in June 2019 and investigations resulted in Maharaj being charged for alleged fraud,” the Hawks said.
His case has been postponed to January.