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Gauteng police arrested a 74-year-old man at a funeral in Mamelodi in Pretoria on Tuesday for his alleged role in an investment scam.
Colonel Katlego Mogale said officers executed a warrant of arrest in relation to an ongoing investigation into an unregistered investment scheme.
"The suspect is alleged to have benefitted from the proceeds of the unregistered investment company known as Undercover Billionaires,” she said.
Mogale said the suspect is reported to have participated in the presentations aimed at enticing potential investors with a promise of high returns.
"The amount of investments tendered is approximately R100 million. The second suspect, a 34-year-old, was arrested in a residence at Kempton Park," she said.
The pair will appear in the Palm Ridge Specialised Commercial Crimes Court on Wednesday on charges of fraud, theft, money laundering, and contravening the Financial Advisory and Intermediary Services Act.
