Ponzi fraudster jailed for 10 years after conning investor R1,6m

A bogus investment schemer has been found guilty of conning an investor out of millions.

The accused, Johandre Visagie (26) appeared before the Bloemfontein Magistrates Court on Thursday, July 28, where he was sentenced for fraud and money laundering.

Magistrate court slapped Visagie with 10 years of direct imprisonment for several counts of fraud, money laundering and contravening Prevention of Organised Crime Act.

The case emanates from May 2018, where the alleged victim was scammed over R1.6 million by Visagie through his bogus investment scheme.

The agreement at that time was that Visagie would trade in foreign currency with the investment money where after it would be sold again depending on the fluctuation of the rand value.

High interest rates were promised to the victim who then agreed to invest his money.

Hawks spokesperson in Free State captain Christopher Singo said, between 23 May 2018 and 29 May 2018, the victim transferred R166 000 and R1 million respectively to Visagie’s personal account intended for investing.

“After the victim invested the money, he did not receive the promised interest as well as the money he deposited as agreed,” Singo said.

It is alleged that, as a result of the fraudulent activities, the victim was prejudiced and suffered a total loss of more than R1 million.

“The matter was reported to the police and assigned to the Hawks’ Serious Commercial Crime Investigation based in Bloemfontein for further investigation. In July 2019, Visagie was served with summons to appear in court,” detailed Singo.

Culminating to his sentencing, Visagie appeared before the court on several occasions.