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Three KwaZulu Natal family members appeared in court on charges of fraud of approximately R73.6 million.
The National Prosecuting Authority said Malcolm de Beer (54), Patricia de Beer (53), and Samantha de Beer (31), appeared in the Pietermaritzburg Magistrates’ Court on Tuesday.
NPA spokesperson, Natasha Ramkisson-Kara, said they face an alternative charge of theft, money laundering, and contravening the Banks Act and the Financial Advisory and Intermediary Services Act.
She said the company COINIT had placed advertisements on its website and in different newspapers calling for people to invest in them.
The state alleges that COINIT was not registered as a financial services provider; and contravened the legislation by not having the prescribed licence.
Ramkisson-Kara said the De Beers were granted of bail of R50 000 each, while Malcolm and Patricia had to surrender their passports.
The case against them was postponed to 19 March.
