Secunda Magistrate Court was a hype of activities last week when a 51-year old man appeared facing charges of fraud.
The man was denied bail on Friday, March 2. He will again appear on April 13.
According to information the man drew people in who have retired to invest half of their pension money into his ponzi scheme.
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He, under false pretext promised them that they will receive their money being doubled to what they invested.
When the agreed time came for the people to receive their pay-outs with interest as promised they were taken aback when no payments reflected in their bank accounts.
The man apparently defrauded people an amount of over R100 million.
Read more in WITBANK NEWS on Friday, March 9.
