By Chulumanco Mahamba
Digital Night Supervisor
Jaco Botha, the 42-year-old man accused of masterminding a Ponzi scheme that defrauded investors of more than R23 million, was arrested by the Hawks (Directorate for Priority Crime Investigation) on Monday. Botha was apprehended in Riversdale, Western Cape, and appeared before the Riversdale Magistrate’s Court on the same day.
According to the Hawks’ spokesperson, Captain Lloyd Ramovha, a case was initially opened in October 2023 following reports from Edenpark Police Station. Botha allegedly ran a fraudulent investment scheme through his company, Steadfast (Pty) Ltd, promising high returns on investments from April to July 2023. However, no returns were ever provided to investors.
Further investigations revealed that Botha’s company was never registered with the Financial Sector Conduct Authority (FSCA), meaning it was not licensed to offer financial services or accept deposits. This breach of financial regulations, including violations of the Banks Act and the Financial Advisory and Intermediary Services Act (FAIS), led to Botha’s arrest.
Botha’s case has since been transferred to the Palm Ridge Court in Ekurhuleni, Gauteng, where a bail hearing is scheduled for 2 September 2024.
