The Hawks have arrested two directors of a Port Elizabeth investment company for allegedly fleecing investors out of R17m.
Hawks Eastern Cape spokesperson, Captain Anelisa Ngcakani, said the men, aged 31 and 29, were arrested on Thursday.
“It is alleged that from approximately June 2016 to July 2019 the duo illegally operated an investment company known as Helping Hand Investment (PTY) LTD,” Ngcakani said in a statement.
“The two company directors allegedly recruited investors within Port Elizabeth and surrounding areas. The investment period was a six to ten-year term and they promised a 15% to 45% return per annum”.
Ngcakani said that their investigation had revealed that the company was not an authorised Financial Service Provider and there were no records of any application from the company to be registered as such.
She said the investigation further revealed that the total amount which investors deposited into the alleged illegal investment company amounted to R17 million.
“These investments were allegedly used to pay monthly salaries to the suspects and their employees,” she said.
The pair are expected to appear in the Port Elizabeth Magistrate’s Court on Friday.
