Garsfontein man in court over alleged multi-million rand fraud scheme
The court granted bail in a high-value fraud matter, as investigators continue probing allegations that clients were defrauded and company funds were transferred to personal accounts.
The Pretoria Magistrate’s Court on December 5 granted bail of R80 000 to the former CFO of Riskfin, Willem Venter (40), from Garsfontein.
Venter is facing a fraud charge amounting to R91-million.
National Prosecuting Authority spokesperson Lumka Mahanjana said that it is alleged that between 2024 and 2025, Venter defrauded many clients.
“He allegedly offered clients financial services, and once agreements were concluded, they transferred funds to him,” Mahanjana explained.
She added, however, that Venter failed to render the agreed services and did not refund the clients.
It is also alleged that Venter transferred company funds into his personal bank account.
After the complainants alerted the company director, the matter was reported to the police.
“Following investigations, Venter was arrested at his residence and made his first court appearance on November 24,” continued Mahanjana.
Mahanjana said that during the bail application, Prosecutor Chris Maruma opposed the accused’s release, as he poses a flight risk, being married to a Zambian national, and disclosed only one passport in his affidavit, despite having two.
“It was also submitted that one complainant had reported interference with a witness after the case was opened. However, the magistrate found that exceptional circumstances existed that justified granting bail.”
She said the matter was postponed to February 21, 2026, for further investigation.
Do you have more information about the story?
Please send us an email to bennittb@rekord.co.za or phone us on 083 625 4114.
For free breaking and community news, visit Rekord’s websites: Rekord East
For more news and interesting articles, like Rekord on Facebook, follow us on Twitter or Instagram or TikTok or WhatsApp Channel
