The Asset Forfeiture Unit has obtained a preservation order to attach bank accounts holding more than R18m for people who allegedly ran a pyramid scheme.
The preservation order also allowed the National Prosecuting Authority unit to attach three luxury vehicles associated with Jade Matsemela and Sipho Martin Mdlhuli, the director and former director of Up Money Ltd and Uniitco Ltd respectively.
Deputy National Director of Public Prosecutions and head of the Asset Forfeiture Unit Ouma Rabaji-Rasethaba said there will be criminal prosecutions in relation to the Up Money pyramid scheme, which allegedly swindled more than 230,000 investors. Rabaji-Rasethaba said evidence indicated a number of offences were allegedly committed, including racketeering, money laundering, assisting another to benefit from proceeds of unlawful activities, and the acquisition, possession or use of proceeds of unlawful activities.“The matter will be referred to the National Prosecuting Authority at the appropriate stage for the consideration of a criminal prosecution,” she said.
Rabaji-Rasethaba said the civil forfeiture provisions of the Prevention of Organised Crime Act provided for a two-stage process — the preservation or seizure of assets followed by a forfeiture to the state.
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