| 2024/04/26 |
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Media Statement CAPE TOWN – As part of an ongoing investigation, Provincial Detectives attached to Western Cape Commercial Crime Investigation executed search warrants at two separate premises on Thursday, 25 April 2024, resulting in the seizure of evidence related to alleged fraud, forgery and uttering, theft, Prevention of Organized Crime Act 121/1998 Section 4 to 6 (Money laundering as well as the Cyber Crimes Act 19/2020 Section 8 and 9 charges). The searches, conducted at two financial institutions in Strand, yielded a significant amount of evidence, including documentation relating to bond applications, financial statements, contracts, payslips and various electronic devices ranging from laptops to cellular telephones and other IT equipment. The project investigation is focussed on irregularities found on perusal and analysis of home loan applications. On all 30 cases reported the one financial group acted as the bond originators who assisted with the documentation to the respectful financial institutions. The modus operandi are indicative of well-orchestrated scheme to induce the bank to grant applicants finance based on false financial profile and misrepresentation of employment and income. The belief was formed that the scheme used is one of many used by clients’ and syndicated operating between Kwazulu-Natal, Johannesburg and Cape Town. Further information will be released as the investigation progresses. Ends
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