Ballito businessman Prinasen Dhaver has been charged with contravening the Banks Act of 1990.
Dhaver, who is rumoured to be one of the wealthiest businessmen under 30 in KZN, was charged by the Hawks last week.
The 29-year-old made a name for himself as the founder and CEO of Innovatech International Solutions, a company that buys and sells diesel and petroleum products.
It is a “profit-sharing” company established in 2009, which claimed to sell millions worth of petroleum products to countries including Mozambique, Zimbabwe, Zambia, Swaziland, Tanzania and Malawi – returning cash to its investors.
However Dhaver, who handed himself over on Wednesday, is allegedly running a ponzi scheme through Innovatech.
Investigations have revealed that Dhaver is not registered with the Financial Services Board (FSB) or the South African Reserve Bank.
Dhaver is well-known on the North Coast particularly for his relatively flashy lifestyle and expensive cars.
The Innovatech website lists offices in Durban, Ballito, Sandton, Richard’s Bay and Dubai.
When the Courier sent Dhaver a request for comment a press release from Mint Communications was forwarded to us.
The release rejects the claims against Dhaver, which it calls false and frivolous.
It also states Dhaver maintains his innocence, believing there is a smear campaign to discredit him.
“Prinasen has selflessly dedicated his energy in improving the lives of many underprivileged school kids in his community, donating funds at a colossal scale to those less fortunate and obligated himself in uplifting 200 schools, in a bid to end poverty,” it stated.
The release further confirms that Dhaver has been charged with contravening the Bank Act, and that he has been given until October 17 to submit information for review.
“(The) FSB confirmed Mr Dhaver did not need to be registered with them.” It also stated that no one from Dhaver’s “profit share” had lost money.
Dhaver also claims to have been burgled as well as having received death threats since his net worth was falsely stated as R49m, but vows to fully co-operate with the state’s investigations.
“I have tons of information that pin point the masterminds behind this make-believe.”
Dhaver appeared in the Durban Commercial Crime Court and was released on R100 000 bail. He is barred from contacting any investors, or state witnesses.
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