In a case that captured national attention in 2021, Dundee’s De Beer family—Malcolm, Patricia, and their daughter Samantha—are set to appear before the High Court on 28 May 2025. They stand accused of orchestrating a R73.6 million fraud through the now-defunct Coin-It investment scheme.
The alleged scheme, which devastated the finances of hundreds of investors, has sparked widespread public outrage and prompted a renewed focus on the dangers of unregulated financial ventures.
It should be noted that the National Prosecuting Authority (NPA) sanctioned a postponement to afford the accused time to assemble vital documentation. “Coin-It was not registered as a financial services provider and operated without required licenses,” declared NPA spokesperson Natasha Ramkisson-Kara, highlighting flagrant violations of the Financial Advisory and Intermediary Services Act and the Banks Act.
The scheme seduced investors with alluring promises of lucrative returns from investments in trucks purportedly linked to mining contracts, only to implode, exposing its illicit operations and leaving investors bereft. This debacle has galvanised demands for robust regulatory oversight of such ventures.
Released on R50,000 bail each, the De Beer family are bound by stringent conditions, with Malcolm and Patricia compelled to surrender their passports.
The Asset Forfeiture Unit (AFU) has seized multiple family assets, including a Dundee industrial property slated for auction this month, pursuant to a 2020 Preservation Order issued by the Pietermaritzburg High Court.
It should be noted that the legal pursuit of the De Beers commenced in May 2021, when the NPA’s Asset Forfeiture Unit in KwaZulu-Natal secured a forfeiture order from the Pietermaritzburg High Court, targeting assets valued at R106 million tied to Coin-It Trading (Pty) Ltd and other liquidated entities.
At the time, Ramikissoon-Kara clarified that Coin-It lacked authorisation to accept investor deposits, yet brazenly advertised in newspapers and online, enticing individuals to part with their money. The company pledged to channel funds into mining equipment, such as trucks and loaders, but instead siphoned the capital to acquire properties, luxury vehicles, aircraft, and shares in other enterprises. The forfeited assets included 11 plots of land in Dundee, five aircraft, and a motor vehicle.
As reported by Newcastillian News on 1 December 2020, the Coin-It scandal also entangled assests like the Rapha Mission property in Newcastle.
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On 21 June 2023, Newcastillian News discussed the anguish of investors still awaiting restitution, highlighting the devastation brought on by the scheme.
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Furthermore, on 23 January 2024, Newcastillian News detailed the formal R73.6 million fraud charges levelled against Malcolm, Patricia, and Samantha De Beer, marking a decisive escalation in the legal proceedings
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As the trial approaches, the case highlights the risks associated with unregulated investment schemes and the ongoing efforts to seek accountability. Investors affected by the scheme now await the court proceedings, which will determine the outcome for the De Beer family.
What are your thoughts on the above? Share your views in the comment section below.
5 Responses
It’s obvious that the investors were just lured into believing that they were up for greater fortunes. Once all their properties are auctioned, will the investors be able to get what has been acquired(money) back even if it doesn’t amount exactly to what was put in?
It’s obvious that the investors were lured into believing that they were up for greater fortunes. Seeing that the de Beers will lose the case and all properties auctioned, will the investors get their monies even if it doesn’t amount to what was put in ?
We want they jailed not fined, investors must get their monies with profit of the duration they part ways with their monies. Courts must protect the ppl of South Africa from this cruel fraudulent acts
Let justice be done. I Invested my retirement money and paid for two contracts with Coin It. Its was a lot.
Right now I am struggling to pay for my twins varsity fees. All investors must be paid back their monies.They must face the judgment for their actions and learn the lesson of their greadiness.
Samantha DE Beer also started another similar scheme called LabCorp Mining using the same model, she disappeared with people s money.