Pyramide scheme trial finally underway in Mossel Bay

01 Feb 2016 | Admin Author

A couple from Mossel Bay is appearing in the Mossel Bay Regional Court on charges of fraud involving R280 million.

Graeme and Carolina Minne are accused of stealing the large sum of money from almost 923 investors in Mossel Bay and surrounding areas.

Investors from as far afield as Kempton Park also lost their money in the scheme which attracted the attention of the Hawks Investigative Unit.

More than 500 people invested their money in a type of pyramid scheme with the assumption that the money would be traded on the international market.
Promises were allegedly made to investors that they would earn a 4% interest per month or 65% interest per year.

The R280 million was received by the couple from investors between 2002 and 2009.

The victims never received their capital investment or any interest.

The couple is out on bail of R50 000 each. The trial will start on Monday after the couple first appeared in court three years ago.

The case has already been postponed 15 times.