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BOGUS INVESTMENT FRAUDSTER RELEASED ON BAIL: FREE STATE
2022/06/30      |  Written By:  Captain C Singo   |   Province:  Free State

FREE STATE – The accused, Motsamai Samuel Nyamane (48) appeared before the Ficksburg Magistrates’ Court yesterday, 29 June 2022 on allegations of investment fraud.

The accused was running an investment scheme called Sea of Mountains where the victims invested their money with a promise of getting 50% interest return within a period of thirty (30) days. The victims never received their money as promised by Nyamane. The incident took place during the period of April 2018 until December 2018.  As a result of the fraudulent activities the victims suffered a total loss of more than R600 000.

The matter was reported to the Hawks’ Serious Commercial Crime Investigation team based in Bethlehem for further investigation which culminated to the arrest of Nyamane yesterday morning.

The case against Nyamane has been postponed to Friday, 15 July 2022 for transfer to Regional Court and he was released on R10 000 bail.