Ponzi mastermind gets 15 years for defrauding thousands of investors: The National Prosecuting Authority (NPA) on Friday welcomed the successful finalisation of the case against Yunus Moolla, a ponzi scheme mastermind who defrauded 3,799 investors of…
The Durban specialised commercial crimes court on Thursday sentenced Moolla to 15 years’ imprisonment after he pleaded guilty to 3,799 counts of fraud and multiple counts of contravening the Banks and Financial Advisory and Intermediary Services Act.
Kara said Moolla, 61, had initially pleaded not guilty. However, he changed his plea to guilty after the state led the evidence of 10 investor witnesses. She said Moolla lived the high life on the proceeds of his crime, and the liquidators had thus far been able to pay out only about 13 cents in the rand to investors.
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