Hawks

R100 million Ponzi scheme pastor arrested

Preetoria: The Director of Platinum Forex Group, Mr Colin Davids (48) was released on R100 000 bail by the Bellville Magistrate’s Court on Wednesday following his arrest by the Hawks earlier on the day on charges of contravening the FAIS Act and the Banks Act.

Davids, a pastor at New Direction Grace Ministries in Parow, Cape Town, was allegedly running a Ponzi scheme whose investors were mainly government employees who had retired or resigned from the service. In July 2015 Platinum Forex Group’s R100 million worth of assets were frozen on the order of the Western Cape High Court following the NDPP’s application for a Preservation Order in terms of the Prevention of Organized Crime Act.

Davids’ case has been postponed to 18 January 2017 to allow for further investigations.

Members of the public who have been victims of the Platinum Forex Group are urged to come forward and make contact with the Investigating Officer; Lieutenant Colonel J Hardenberg on (021) 918 3354 or email HardenbergJ@saps.gov.za.