Van Niekerk trio to jail for fraud

Two men who formed a unauthorised cash loan business trading as West Coast Financial Aid CC, and a woman employed by them as a principle officer, were each fined N$70 000 for conducting a banking business without being authorised, along with reckless or fraudulent business activities.Judge Alfred Siboleka, in his sentencing last week, said an amount of roughly N$15 million was collected from investors but only N$7 million was shown.The first accused, Charles van Rensburg, 37, was further sentenced to two years' imprisonment for fraud, which was wholly suspended for five years on the condition that he is not found guilty of theft, fraud or any other offence involving deceit.Melanie van Niekerk, 49, was sentenced to an effective six years for fraud while Jesaja Jeremia van Niekerk, 53, was also sentenced to four years, also for fraud.The three operated an illegal pyramid investment company at Oranjemund between August, 2006 and February 2014 through which they solicited at least N$11.4 million from acquaintances, friends and family by promising unrealistic returns, ranging between 7% and 15% a month.They were found guilty on 513 counts of fraud, and the contravention of the Banking Institutions Act and Companies Act after a trial that lasted more than three years in which almost 80 of the victims they swindled testified.Siboleka found that the fraudsters used cash loans schemes to lure investors as cash cows and swindled monies from numerous unsuspecting members of the public - most of who were pensioners.“A custodial sentence under the circumstances of the case is inevitable,” Judge Siboleka had said.He said Melanie received substantial amounts of money, mostly cash and electronic fund transfer deposits, from unsuspecting members of the public termed as investors.The victims were promised untenable monthly interest payments and the return of their capital amounts on request.“She instead deposited investors' monies into her personal account and that of her husband. The cheating stretched out for a very long time,” Siboleka said.The judge emphasised that there was no authorisation for them to receive money from members of the public.“The public was deceived and cheated and hence suffered severe losses. The offences are serious and the accused have to be punished,” Siboleka stressed.

Van Niekerk trio to jail for fraud

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Namibian Sun 2025-04-04

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Van Niekerk trio to jail for fraud

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Namibian Sun 2025-04-04

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