Jaco Jordaan (52), an alleged Ponzi Scheme operator made a brief appearance before the Secunda Magistrate’s Court last week.
Jordaan appeared on August 28 following his initial arrest in February after about 120 victims complained about an apparent bogus investment scheme involving over R100-million. Many of the complainants are from Ga-Nala.
Jordaan allegedly drew people who have retired to invest half of their pension money into his ponzi scheme.
He, under false pretext promised them that they will receive their money being doubled to what they invested.
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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 Directorate for Priority Crime Investigation (Serious Commercial Crime Investigation Unit) in Mpumalanga took charge of the investigations in March.
Jordaan who had been out on R50 000 bail was immediately arrested after his court appearance which was postponed to November 15 pending further investigation.
He has now been linked to similar cases in Sandton near Johannesburg.
