The Scorpions have stripped four prominent Johannesburg businessmen of their assets pending charges of theft and money laundering, reported The Star newspaper on Monday. The paper said the four had allegedly syphoned R15-million from Absa Bank in an internet scam.
”The swoop followed an 18-month investigation by the Directorate of Special Operations [also known as the Scorpions] and the Asset Forfeiture Unit (AFU) into the activities of the businesses of 67-year-old Fakir Ganchi and his 32-year-old son Ismail, as well as brothers Zunaid (34) and Mobeen Munshi (32),” said the paper.
It said the families allegedly made use of a technique known as ”crossfiring” or ”kite-flying”, which involves multiple accounts, account users, ”no value” cheques and internet transactions.
”A cheque is written, deposited, and an account provisionally credited, with a virtual amount created. At the same time, the fraudster opens internet banking facilities, and on several occasions on the same day, that virtual amount will be transferred back to the account from which the original cheque was issued. When the money is sent out of the account, it goes out as real money, and lands back in the original account as real money,” The Star quoted him as saying.
All four suspects were released on bail of R350 000 in the Johannesburg Magistrate’s court on Friday.
The report read that the Scorpions stripped the families of R31-million in assets.
The Star also said that Ismail Ganchi had offered to pay Absa R7-million and pay the remainder off in interest-free instalments of R75 000 over 10 years, on condition Absa waived criminal prosecution.
”Absa rejected his offer,” said The Star. – Sapa