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Banking & Finance

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Investors allegedly scammed by fake Musk adverts

An online trading platform that sponsors Bafana Bafana and UFC champ Dricus du Plessis has denied being behind a series of deepfake adverts featuring Elon Musk after customers complained about being hoodwinked to invest, reports Fin24.

Standard Bank's Sekunjalo appeal dismissed

In another triumph for Sekunjalo and its related companies in their long battle against some of SA’s biggest banks, Standard Bank’s leave to appeal a former ruling made on 14 September 2023 that prevented it from closing Sekunjalo’s various bank accounts, has been dismissed with costs.

Sekunjalo accounts will remain open

In what The Star calls an undertaking that ‘popped out of the woodwork at 4pm’ in the Western Cape High Court yesterday, lawyers for Standard Bank said the bank accounts of the Sekunjalo Group of companies would remain open even if an interim interdict against the bank was not upheld.

Lawyers, estate agents receive grey list guidance

The Institute of Estate Agents of SA (Ieasa) says it is actively engaging its agents to help them comply with the request by the Financial Intelligence Centre (FIC) for risk and compliance returns, reports BusinessLIVE.

Defrauded couple get their home back

Benita and Claude Anderson turned to the Eastern Cape High Court (Gqeberha) in an attempt to get back their home which they lost in a fraudulent financial scheme.

ConCourt dismisses Sekunjalo account closure appeal

Iqbal Surve's Sekunjalo Group has suffered another blow in its war with SA's banks, after the Constitutional Court dismissed – with costs – its efforts to appeal a ruling that allowed three of them to close its accounts.

Cosatu slams KPMG’s confidential VBS deal

Cosatu says the secrecy about KPMG’s confidential settlement with the liquidator of VBS Bank does a disservice to the people who suffered after corruption at the lender caused it to collapse.

Family’s empire crashes after Ponzi scheme debacle

A KZN family of three who allegedly used millions in investors’ money to buy luxury cars, properties and five aircraft have had their assets seized for allegedly running a R75m Ponzi scheme.

Defrauded man wants over R1.6m from bank

Details of how Dr Mohammed Nalla fell prey to fraudsters who withdrew and squandered more than R1.6m from a fraudulent Nedbank bank account into which the money was paid – part of a purchase price towards a house – have emerged in the Gauteng High Court (Johannesburg) as the bank steadfastly refuses to refund him.

Family members arrested for alleged ‘pyramid scheme’ fraud

A KZN father, mother and daughter allegedly linked to a controversial multimillion-rand ‘pyramid scheme’ have been arrested by the Hawks, reports TimesLIVE.

Businessman in the dock over R1m credit card facility

Businessman Rushil Singh, known for flashing his rare supercars on social media, appeared briefly in the Pretoria Magistrate's Court yesterday.

Municipality denies R33m missing from bank account

The IFP-led Zululand District Municipality in northern KZN has denied claims that R33m went missing from its municipal funds, reports City Press.

Almost 10% of South Africans own crypto assets

Nearly 10% of South Africans – 5.8m – own crypto assets, with Cape Town having emerged as the preferred base for entrepreneurs in the sector, data from the Financial Sector Conduct Authority (FSCA) shows.

Nedbank accuses employee of aiding R2.2m fraudster

A Nedbank ‘service specialist’ based at the bank’s Krugersdorp branch who allegedly assisted an imposter in withdrawing almost R2.2m from an account of one of the bank’s clients has had a sequel in the Gauteng High Court (Johannesburg).

Banks refuse to open NFP accounts

Banks are refusing to open accounts for the National Freedom Party (NFP), which is in debt to the tune of R45m and faces a fresh liquidation application from a creditor, says a News24 report.

Ponzi scheme firm’s international links exposed

Global and Local Financial Advisors, the company that apparently promoted investments in the alleged almost R3bn BHI Trust ponzi scheme to local people, has diverse international links and is half-owned by a South African expat living abroad and listed as a Swiss resident, reports the Mail & Guardian.

Former KPMG partner admits to VBS misconduct

A former KPMG partner who resigned in 2018 amid allegations of misconduct involving loans from VBS Mutual Bank has admitted guilt, reports TimesLIVE.

Cabal of ‘investors’ eye crippled bank

Mysterious anonymous investors from Limpopo, Saudi Arabia and the UAE, as well as one of Botswana’s richest politicians, are allegedly all separately poised to spend hundreds of millions of rands to save and take control of the controversial Habib Overseas Bank.

Banks challenge debt-restructuring collusion ruling

Standard Chartered (StanChart) and the African Banking Corporation (ABC) are challenging a decision by the Gauteng High Court (Johannesburg) that found the banks colluded to breach a debt-restructuring agreement that spelt the death of then JSE-listed Blue Financial Services (Blue) in 2013.

Service provider must pay R3.1m taken by cyber criminals

Cybercrime was, once again, the topic under the spotlight when Gauteng High Court (Johannesburg) Judge Motsamai Makume found there was a duty on a financial service provider to protect its clients against cyber fraud which, in the case of the Rotary Club of Rosebank, was the victim of the crime.

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