Coin-It Trading: Father, mother and daughter face R73.6M fraud charges

Coin-It Trading: Father, mother and daughter face R73.6M fraud charges

The Coin-It Trading saga has reached new heights as Malcolm de Beer, Patricia de Beer, and Samantha de Beer made their appearance in the Pietermaritzburg Magistrate’s Court on Tuesday, 23 January 2024. The trio faces fraud charges, with an alternative charge of theft, amounting to approximately R73.6 million.

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In addition to the fraud and theft charges, the de Beer family members are also accused of contravening the Financial Advisory and Intermediary Services Act, the Banks Act, and engaging in money laundering.

The charges have been filed through a collaborative effort between the KwaZulu-Natal Division of the National Prosecuting Authority (NPA) and the Directorate for Priority Crime Investigation (DPCI) in KZN, following intensive investigations that led to the trio’s apprehension.

As previously reported by Newcastillian News in December 2020, the Assets Forfeiture Unit (AFU) took decisive action against Coin-It Trading, seizing and liquidating properties and assets valued at R106 million. The unit’s intervention was made possible by obtaining a preservation order under the Prevention of Organised Crime Act No. 21 of 1998 in the Pietermaritzburg High Court.

According to the report, the seized assets included eight properties in Dundee, Colenso, and Hattingspruit, along with five aircraft and vehicles.

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Reflecting on the three suspects’ court appearance on Tuesday, The NPA’s spokesperson Ramkisson-Kara explained that Coin-It Trading had placed advertisements on its website and in different newspapers calling for people to invest with them, promising investors high returns.

“As a result of the advertisements, several people deposited funds into Coin-It’s bank accounts. In terms of the Financial Advisory and Intermediary Act and the Banks Act, Coin-It was not authorised to accept deposits from investors. The state alleges that the entity was not registered as a financial services provider; and contravened the legislation by not having the prescribed licence,” said Ramkisson-Kara.

While investors anxiously await the outcome of legal proceedings, the battle is far from over.

Ramkisson-Kara disclosed, “Today in court, they were released on bail of R50,000 each. Malcolm and Patricia surrendered their passports and were advised to contact the Investigating Officer should they wish to travel. The matter, remanded to 19 March 2024 for discovery, will be transferred to the Specialised Commercial Crimes Court in Durban, where the accused will make their next appearance.”

Emphasising their commitment to combating fraud and crime in South Africa, Ramkisson-Kara reiterated that the NPA and the DPCI remain resolute in their efforts.

As the legal proceedings against the three suspects continue, what are your thoughts on the above-mentioned? Share your views in the comment section below.

Comments 1

  1. Felicia says:

    Totally shocking what these people have done and the many lives they have ruined through their greed. I hope that they will be severely punished. The wheel turns slow….but sure.

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