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Western Cape police say they have uncovered a money-laundering scheme following raids on two financial institutions in Strand.
Captain Frederick van Wyk said search warrants were executed on Thursday at separate premises as part of an ongoing investigation by Detectives from Western Cape Commercial Crime Investigation.
He said they seized evidence of alleged fraud, forgery and uttering, theft and money laundering.
Van Wyk said the searches yielded a “significant amount of evidence”, including documentation relating to bond applications, financial statements, contracts, pay slips and various electronic devices.
These included laptops, cellular phones and other IT equipment.
“The project investigation is focussed on irregularities found on perusal and analysis of home loan applications.
"The modus operandi is indicative of a well-orchestrated scheme to induce the bank to grant applicants finance based on false financial profile and misrepresentation of employment and income.
"The belief was formed that the scheme used is one of many used by clients' and syndicated operating between Kwazulu Natal, Johannesburg and Cape Town," Van Wyk said.
Further information will be released as the investigation progresses.
