Fugitive fraud suspect Cheslyn Swartz was dramatically arrested in Johannesburg after more than a year on the run.
One of South Africa’s most wanted fraud suspects, Cheslyn Swartz, was this week hauled out from under a pile of washing in his pyjamas after a year on the run.
The dramatic arrest unfolded in Fairland, Johannesburg, on Wednesday during a joint operation between Fairland police and IRS Forensic Investigations.
A fugitive on the move
Swartz, who skipped bail and evaded authorities for more than 12 months, allegedly masterminded a series of advance fee investment scams that investigators say defrauded victims of millions of rands over several years.
Swartz had been in hiding for months, moving between safe houses as the noose tightened around him.
Chad Thomas of IRS Forensic Investigations has been at the forefront of the investigation and led the private investigation aspect takedown.
Elaborate scams and false promises
Swartz’s alleged schemes date back more than a decade.
He positioned himself as a broker who could unlock vast sums of international capital, but only if investors paid an upfront fee.
Victims were promised astronomical returns that never materialised.
To bolster his credibility, Swartz allegedly circulated manipulated banking documents, false deposit slips and even forged bank statements, one of which showed a balance of €1 billion (about R20 billion).
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Previous voice notes heard by The Citizen revealed how Swartz strung investors along.
In monotonous recordings, he explained away delays with references to banking errors, transfer problems or administrative hurdles.
The messages, often repetitive, were designed to maintain hope and stop investors from demanding their money back.
Scale of fraud far exceeds admissions
According to Thomas, the true scale of the fraud far exceeded the figures Swartz himself acknowledged at the time of his arrest.
Swartz said that he owed about R30 million and that he would repay them because the money was “coming in”.
Thomas said that his assessment of the frauds run far north of that figure and into the hundreds of millions of rands.
Swartz will ultimately face 84 charges of fraud and other charges.
“The arrest is a milestone, but it’s only the beginning of holding Swartz to account for the devastation he has caused,” Thomas said.
