Standard Bank manager and businessman Raed Cupido was mum about the merits of the state’s drug case against him when he launched his bail application in the Cape Town Magistrate’s Court yesterday.

He is now charged alongside an alleged accomplice, Christopher Carelse, who was arrested on Sunday, reports News24.

Cupido listened intently as his advocate Reuben Liddell read an affidavit detailing his rags-to-riches story, which took him from Mitchells Plain to an R8.9m home in Rondebosch – part of his impressive property portfolio.

Cupido, a national senior retail marketing manager for one of the country’s biggest banks, is currently on paid suspension following his arrest on 10 June.

In his papers, Cupido, said that he was headhunted by Standard Bank, where he has worked for the past seven years, earning a salary of R78 000.

This, however, is not his only income.

He owns RADC Transport, which earns him an additional R160 000 per month through his six vehicles.

He also owns Farmer’s Friend, which he confirmed is dormant.

The Cupidos own three properties: their family home in Rondebosch, a Green Point apartment worth R2.1m and a house in Claremont worth almost R3.2m.

Since his arrest, Cupido said his businesses and family have suffered, while his wife and her legal practice has endured reputational harm.

While he didn’t go into the details surrounding the contraband found in his possession, Cupido said he intends to plead not guilty, according to News24.

He has no previous convictions or pending cases and has handed in his passport to the police.

Carelse, through his attorney Junaid Jumat, also informed Magistrate Alida Theart of his intent to plead innocent.

A business manager, Carelse, said he had a monthly income of R40 000 and owned a property in Gauteng.

In his bid for bail, the father of one said he was at risk of losing his job, which would rob his family of an income.

The state is expected to present its opposition to bail on Friday.

Full News24 report