Johannesburg - A 34-year-old man arrested for R40-million investment fraud has been granted a R20 000 bail.
Matthew Charles Dunn appeared in court on Monday Palm Ridge Specialised Commercial Crimes Court on Monday where he was granted the bail, the Hawks said on Tuesday.
Hawks Gauteng spokesperson Captain Ndivhuwo Mulamu said Dunn was arrested at his Melville home at the weekend following investigations into investment fraud and theft against him.
According to Mulamu, Dunn allegedly lured complainants to buy the shares of Anglo American, Kumba Iron Ore and Wesizwe, worth over R1 million, between December 2016 and January 2018.
“Further investigation revealed that Dunn did not own any shares at the above entities, however he allegedly fraudulently created certificates as proof of dividends to his clients,” she added.
Potential shareholders allegedly deposited approximately R40 million into Dunn’s bank account.
“A warrant of arrest was issued last Friday for his apprehension. He was arrested and charged for fraud and theft at his residence in Melville on Saturday,” said Mulamu.
“He was granted bail and the case is postponed to 18 November 2020 for further investigation.”
Last week, a KwaZulu-Natal businessman found guilty of defrauding people of almost R7 million avoided jail time.
Jan Hendrik van Zyl was convicted recently in the Durban Specialised Commercial Crime Court for crimes committed around Durban between 2009 and 2014.
Van Zyl, who owns a company called QPT Trading, had informed victims he was investing their cash in Forex Trading and promised them a 5% return of per month.
“The contracts were signed and he then paid out few monthly returns and abruptly discontinued paying,” said Hawks spokesperson, Captain Simphiwe Mhlongo.
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