Pixabay
A 34-year-old man appeared in the Palm Ridge Specialised Commercial Crimes Court on Monday on charges of fraud involving more than R40m.
The police said Matthew Dunn was granted bail of R20 000 following his arrest in Melville, Johannesburg on Saturday.
“It is alleged that Dunn lured complainants to buy shares at Anglo American, Khumba Iron Ore and Wesizwe worth over R1 million between December 2016 and January 2018,” said Captain Ndivhuwo Mulamu.
He 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.
“Approximately R40 million was allegedly deposited into Dunn’s bank account by potential shareholders,” Mulamu said.
Dunn will be back in court again on 18 November.
