Joburg man got R40 million windfall from selling fake shares
The man was released on R20,000 bail
PRETORIA, October 20 (ANA) – South Africa’s Palm Ridge specialised commercial crimes court has granted R20,000 bail (US$1,209) bail to a man arrested for investment fraud, the Directorate for Priority Crime Investigation [the Hawks] said on Tuesday.
Matthew Charles Dunn, aged 34, appeared in court on Monday after being arrested at his residence in Johannesburg’s Melville surburb at the weekend following investigations into investment fraud and theft against him, Hawks spokeswoman in Gauteng province Captain Ndivhuwo Mulamu said.
Dunn allegedly lured complainants to buy the shares of Anglo American, Kumba Iron Ore and Wesizwe, worth over R1 million, between December 2016 and January 2018, Mulamu said.
“Further investigation revealed that Dunn did not own any shares at the above entities, however he allegedly fraudulently created certificates as proof of dividends to his clients,” she added.
Potential shareholders allegedly deposited approximately R40 million [US$2.4 million] into Dunn’s bank account.
“A warrant of arrest was issued last Friday for his apprehension. He was arrested and charged for fraud and theft at his residence in Melville on Saturday,” said Mulamu.
“He was granted bail and the case is postponed to 18 November 2020 for further investigation.”
– African News Agency, Editing by Stella Mapenzauswa