Iranian suspected of half-billion rand fraud is living in SA ‘illegally’
Johannesburg - The Iranian director of Electio Global Investments - the company accused of defrauding South Africans out of an estimated half a billion rand - is suspected of residing illegally in the country.
This means that after his arrest on 24 fraud charges last week, the prospects of success for his bail application have seriously dwindled.
The rare metals investment firm promised massive interest rates on investments, using boiler-room style tactics to aggressively sell “baskets” of earth metals allegedly stored in Dubai.
On November 6, former company director, Jalil Motazedi was arrested alongside three former colleagues, South Africans Ian McGregor, Kyle Pillay and Shaunita Singh. Two days later, the three South Africans were granted bail at the Specialised Commercial Crimes Court in Joburg, though Motazedi’s bail application was postponed to this week.
On Wednesday, Motazedi’s application was postponed again, though the Saturday Star has learned it is because the prosecution has a Section 212 statement claiming Motazedi is not residing in South Africa legally.
While Motazedi’s lawyer, Johan Eksteen of BDK Attorneys, looks set to argue against the 212 statement from the Department of Home Affairs, the State will still likely argue Motazedi is a flight risk if granted bail.
Meanwhile, State prosecutor, advocate Bongani Chauke, already indicated the State expects further charges to be brought against the four accused, with the 24 current complainants not the only victims of what he described to the court as an alleged “Ponzi scheme”.
The Saturday Star