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Alleged fraudster denied bail in R100 Million case

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On Friday 02 March 2018, an alleged fraudster – Jaco Leon Jordaan – was refused bail by the Secunda Magistrate’s Court during a formal bail application.

Jordaan was in an actual fact appearing for fraud charges involving an amount estimated over R100 million. According to the affidavits submitted by more than 100 victims, the alleged fraudster lured people mostly in Secunda and Kriel, to invest their money in his ponzi scheme under false pretext that such money will be doubled, however when the time came for pay-outs to be effected as promised, Jordaan was nowhere to be found. The investors went to his office which was in Gauteng but only to discover that it was not in operational anymore and his phone was switched off as well.

It also surfaced through a preliminary probe instituted by the police that the suspect apparently also defrauded other victims outside Mpumalanga and is expected to face similar operandi accusations in other provinces as well.

On Tuesday, 27 February 2018, the police in Mpumalanga reported that Jordaan appeared for the first time at the Secunda Magistrate’s Court after his arrest on Monday, 26 February 2017, at which he was remanded in custody until today for a formal bail application hence denied. He is now expected to languish in the cells until his next court appearance on 13 April 2018, at the same court and at this stage, the Commercial Crime Unit of the HAWKS will investigate this matter further.

The Provincial Commissioner of the police in Mpumalanga, Lieutenant General Mondli Zuma hailed the investigation team for their selflessness and sterling work done in bringing the suspect to book to account for his deeds.