Durban - While investors have been fretting whether they will get their money back, the mastermind of an alleged ponzi scheme was living the high life.
It is believed Yunus Moolla left South Africa last November after his company, Carmol Distributors, was suspended pending an investigation by the SA Reserve Bank.
Carmol marketed itself as a company that sold petroleum products around the world. It offered investors returns of 96 percent per month.
According to a source (who is investigating privately on behalf of some investors) about 2 500 people invested more than R1billion.
Moolla has apparently spent the past few months at the five-star Shangri La Hotel in Dubai. He returned to the country on Wednesday, travelling allegedly first class.
His return was shortly after the Reserve Bank concluded that he had contravened the Banks Act. Simply put, Moolla acted as a bank when he had no authority to do so. “Carmol was instructed to pay back to its investors and KPMG was appointed to administer the repayment process,” said Hlengani Mathebula, a spokesman for the Reserve Bank.
“This matter is being handled by KPMG as the appointed repayment administrator. The Reserve Bank and KPMG must follow due legal process and compliance with the legal requirements.
“This is further exacerbated by factors such as size, volume, complexity and number of investors of the scheme. We cannot say how long the repayment process will take.”
Mathebula added that KPMG would audit the company to determine what assets and funds were available. Any refunds would depend on how much there was to pay back.
Moolla’s personal financial advisor said he had travelled to Dubai to meet Moolla in December and February. The aim was to finalise a repayment plan for investors.
“Since Mr Moolla’s return to South Africa, I have spoken to him telephonically but have not met him personally,” said Robert Baichan.
He further confirmed he had invested a substantial amount of money on behalf of several people.
Meanwhile, in a separate matter, Moolla is facing fraud charges in the Durban Specialised Commercial Crimes Court.
In court documents, it emerged Moolla faces four counts of fraud. He allegedly used a fake identity document to purchase three vehicles from Absa Bank. His lawyer Ahmad Asmal confirmed Moolla was not present in court for his last appearance on February 16. The matter was postponed to April.
He declined to comment further or provide a reason for Moolla not appearing in court.
Moolla owns a fleet of top-end luxury cars, including a McLaren, a Rolls-Royce, and several Mercedes- Benz vehicles (S65, C63, G63, and ML63), of which one is believed to be one of only six vehicles in the country, and carries a R3.5 million price tag. He also owns BMW vehicles (M3, M4, M5), a Porsche Cayenne, and a Range Rover Sport.
It is believed he owns several properties in Dubai, Mauritius and South Africa.
Sunday Tribune