The Hawks recently arrested three individuals linked to the infamous investment company Coin-It Trading, based in Dundee.
Coin-It Trading founders arrested: Here’s what we know
The arrest presents a new phase in a case that has seen investors losing millions following the company’s collapse.
Coin-It Trading, once a seemingly lucrative venture, attracted numerous investors with the promise of substantial returns. However, the company’s operations came to a screeching halt, leaving its investors in financial disarray.
The trio implicated in this elaborate scam is now expected to face charges in the commercial crimes court.
The Financial Sector Conduct Authority (FSCA) has been closely monitoring Coin-It Trading’s activities.
In August 2019, the FSCA launched an investigation after suspicions arose regarding the unrealistic returns promised by Coin-It to its investors.
These concerns raised flags about potential violations of financial sector laws. This investigation led to a collaborative effort between the FSCA, the Asset Forfeiture Unit (AFU), and the Hawks.
A significant breakthrough came when the AFU secured a preservation order from the Pietermaritzburg High Court, enabling them to attach properties and vehicles valued at R106 million, all belonging to the company.
Among the seized assets were 11 pieces of land in Dundee, five aircraft, and a motor vehicle.
As the suspects await their day in court, the case against Coin-It Trading continues to unfold.
