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.