Mother and son arrested for running illegal investment scheme

Estimated reading time: 3 minute(s)

Mother and son aged 60 and 34 were arrested earlier this week following a warrant of arrest issued against them on allegations of fraud, money laundering, contravention of the Financial Advisory and Intermediary Services Act 37 of 2002, and contravention of the Banks Act 94 of 1990.

Lieutenant Colonel Zweli Mohobeleli said that the 60 years old Pontsho Faith Lepoqo and Sebotsa Washington Lepoqo from Bloemfontein had been running an illegal investment scheme which saw various victims losing a combined amount of almost R 1million.

It is alleged according to investigations by the police that over 10 residents of Ladybrand invested a cumulative amount of R905 000 through a company called MTS General Trading run by the pair.

Victims were promised 30 % monthly interest. They opened cases when dividends were not forthcoming.

They made a brief appearance at Ladybrand Magistrates Court on Wednesday, January 8th, 2025 and their matter was postponed to January 29th.