A Durban North couple alleged to have conned investors out of R20-million to R25-million were arrested by the commercial crime unit on Tuesday afternoon.
The unit’s Captain Dean Misra said the investigation began a year-and-a-half ago when the Financial Services Board lodged a complaint against the couple, who were investing people’s money without being registered to do so.
”They took money from doctors, lawyers and lots of other people and then invested some while using the rest to fund their personal expenses like cars, a house, credit cards and just living it up,” said Misra.
He said people would give money to the couple, who in turn ”invested it in investments not approved by these people, obviously without their knowledge and vast sums of money went astray”.
Misra said the couple ran several business known as DBMG Financial Services, DBMG Investment Holdings, First Asian Derivatives, Randgro Investment Fund and Meltham Investments and Administrators.
He said they contravened the Long-Term Insurance Act and invested money on the stock exchange without being registered to do so.
Misra said the couple have been charged with fraud and will appear in the Commercial Crimes Court in the next two days.
He has called on people with information or those who invested in these companies to contact the Durban commercial crime unit on Tel: 031 332 2534. — Sapa