Neil de Waal, a promoter for multi-level marketing scheme GS Partners (GSP), has been granted R15 000 bail in the Benoni Magistrate's Court after making an appearance on charges of fraud.

Netwerk24 reports that De Waal broke down in court as he faced a charge of fraud brought by an investor who allegedly lost R315 000 after depositing funds into his personal bank account on promises of earning high and regular returns.

The investor allegedly lost the investment. 

Moneyweb reports that De Waal was apprehended in Cape Town on 31 May on his return from a trip to Bali.

He appeared in the Bellville Magistrate's Court in Cape Town before being transferred to Gauteng, where the charge was filed. 

The state opposed his bail application on the grounds that he is a flight risk and a suspect in another fraud case in Cape Town, and was therefore likely to commit further offences.

De Waal’s Instagram account, where he promoted schemes to earn passive income from digital assets, appears to have been scrubbed following his arrest.

De Waal was an active promoter of GSP, also known as Gold Standard Partners, a company linked to metaverse NFT scheme Lydian World, which purportedly allows investors to acquire virtual real estate in a virtual world.

GSP has attracted the attention of law enforcement authorities in several countries, including Canada and several states in the US.

The Financial Sector Conduct Authority in SA issued a warning in November 2023, urging the public to be careful when dealing with GSP, which was not licensed to provide financial services and was offering unrealistic returns.

Full Moneyweb report