Fourteen suspects are expected to appear in the Stellenbosch Magistrates’ court on Thursday 14 December 2023 on charges of fraud, theft and money laundering in excess of R40 million. Alarm was raised by local financial institutions about a syndicate operating a huge asset financing scheme.
Reports suggested that the members of this syndicate would create and submit false vehicle finance applications to motor dealerships with whom they had a corrupt relationship. Armed with the information at their disposal, a multi-disciplinary team of detectives attached to the Provincial Commercial Crime Investigation Unit conducted an extensive investigation in a bid to ensure a breakthrough.
In the early hours of Wednesday 13 December 2023 police members who formed part of an integrated operation arrested two females and 12 males on the mentioned charges as part of the ongoing investigations the possibility of more arrests is not excluded.