The formal bail application of two investment company directors is expected to be heard in the Port Elizabeth Magistrates Court on Wednesday.
The 31-year-old Michael Rathbone and 29-year-old Leon Lewitton were arrested by the Hawks in November for illegally operating an investment company known as Helping Hand Investment (PTY) LTD between June 2016 and July 2019.
The pair face a total of 193 charges which include fraud and theft.
According to the Hawks the two allegedly recruited investors within Port Elizabeth and surrounding areas.
Spokesperson, Captain Anelisa Ngcakani, said that the investment period was a six to ten-year term and they promised a 15% to 45% return per annum.
She 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.
The state will be opposing bail as it is a Schedule 5 offence.
