Durban - Durban’s self-proclaimed richest under-30-year-old businessman, Prinasen Dhaver, was charged with fraud this week by the Directorate for Priority Crime Investigations (Hawks).
Dhaver, 29, is accused of running a ponzi scheme and handed himself over on Wednesday, shortly before he appeared in the Durban Commercial Crime court. He was released on R100 000 bail.
His passport was taken from him and his bail conditions state he is not allowed to make direct or indirect contact with any of the investors.
The Sunday Tribune reported last week that Dhaver would be investigated for allegedly running a ponzi scheme through his “profit-sharing” company, Innovatech International Solutions.
The businessman, who said his net worth was R49 million, claimed to sell millions of rands of petroleum products to countries around the world. He is not registered with the South African Reserve Bank or the Financial Services Board.
He has said he did not need to be registered. This week, he was found to be contravening the Banks Act of 1990.
Investors said they believed he was running a ponzi scheme.
A source close to the investigation, who was not authorised to speak to the media, said Dhaver had broken the law. “He was not registered with the Reserve Bank and was dealing directly with investors’ money. His assets are also being investigated,” said the source.
Investors alleged they made direct deposits into Dhaver’s account for the “profit-sharing” scheme he was believed to be running.
The National Prosecuting Authority confirmed his arrest. “He has to report to the investigating officer when he leaves KZN and was instructed not to interfere with the State witnesses listed in the charge sheet,” said NPA spokeswoman Natasha Ramkisson-Kara.
Sunday Independent