Pretoria - An elderly man is expected to appear at the Palm Ridge Specialised Commercial Crimes for allegedly running a multimillion-rand fraud scheme with his wife and son.
The 74-year-old suspect was arrested on Tuesday after speaking at the funeral of Mamelodi Sundowns public relations officer, Alex Shakoane, in Mamelodi, Pretoria.
Hawks spokesperson Colonel Katlego Mogale said the arrest followed an execution of a warrant of arrest in relation to an ongoing investigation into an unregistered R100 million investment scheme.
According to various media reports, the suspect is former Kaizer Chiefs public relations officer Louis Tshakoane. However, the Hawks are not in a position to reveal the name until he appears at Palm Ridge Specialised Commercial Crimes Court.
Mogale said the suspect was facing charges of fraud, theft, money laundering and contravention of the Financial Advisory and Intermediary Services Act.
“The suspect is alleged to have benefited from the proceeds of the unregistered investment company known as Undercover Billionaires.
He is reported to have participated in the presentations aimed at enticing potential investors with the promise of high returns. The amount of investment tendered is approximately R100m,“ said Mogale.
He added that a second suspect, a 34-year-old, was arrested in a residence at Kempton Park.
The pair will appear in court on Wednesday.
Tshakoane is believed to have fled the country with his wife and son in 2020 after police wanted him for fraud, theft and money laundering.
His son, Louis Tshakoane jr, handed himself over to the Hawks in Joburg in 2018 in the company of his parents and attorney.
He appeared at the Johannesburg Commercial Crimes Court sitting in Palm Ridge and was released on R70 000 bail and subsequently disappeared around the same time with his father.
Hawks said between 2014 and 2018 the Tshakoanes allegedly persuaded “unsuspecting funders” across the country to bankroll “Undercover Billionaires”.
IOL