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A Johannesburg man was arrested for an alleged 40 million rand investment scam.
A man who allegedly scammed investors out of rand 40 million appeared at the Palm Ridge Commercial Crimes Court in Gauteng on Monday.
34-year-old Matthew Charles Dunn received a bond of 3,000 rands.
Dunn was arrested at his home in Melville, Johannesburg on Saturday following an investigation of theft and investment fraud.
According to police spokesman Captain Ndivhuwo Mulamu, Dunn allegedly lured the whistleblowers into buying more than R 1 million worth of shares in Anglo American, Kumba Iron Ore and Wesizwe between December 2016 and January 2018.
“A further investigation revealed that Dunn did not own shares in the aforementioned entities; however, he allegedly fraudulently created certificates as proof of dividends for his clients,” Mulamu said.
Potential shareholders allegedly deposited approximately R40 million into Dunn’s bank account.
The case was postponed until November 18 for further investigation.
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