Father and son arrested for R16m crypto fraud

A father (74) and son (47) have been arrested in Roodepoort in connection with an R16 million cryptocurrency fraud that targeted two Newcastle residents

Lizzy Arumugam of the Newcastle SAPS Corporate Communications Department said arrests, carried out by the Johannesburg K9 Unit and DPC Tracing Team, marked a significant breakthrough in a complex investigation led by Warrant Officer Henning De Meyer under the command of Lieutenant Colonel JJ Oberholzer.

“The suspects allegedly lured their victims with promises of lucrative returns through Bitcoin and cryptocurrency investments.” Arumugam added that the duo convinced the victims to deposit substantial sums into designated bank accounts, under the impression they were purchasing Bitcoin.“After multiple payments, the victims received no returns, and the suspects ceased communication when demands for refunds were made,” she said.

The cases were registered at Newcastle SAPS, prompting a thorough investigation by the Newcastle South African Police Service (SAPS).

Financial records revealed deposits traced to the suspects’ accounts across three banks, with support from the South African Banking Risk Information Centre (SABRIC).

“Armed with compelling evidence, W/O De Meyer secured J50 Warrants of Arrest, leading to the suspects’ apprehension in Roodepoort. Electronic devices were seized during the arrests and are undergoing forensic analysis to uncover further evidence.”

The suspects finally appeared in the Newcastle Regional Court on Thursday, August 14, where they were formally charged with fraud.

The case has been remanded, with a future court date pending. Authorities suspect the pair may be linked to additional fraud schemes and are continuing investigations to identify other potential victims.

Major General Alexander, Amajuba District Commissioner, praised the investigative team for their relentless efforts.

“The dedication of W/O De Meyer, Lt Col Oberholzer, and their colleagues has brought justice closer for the victims and serves as a warning to fraudsters,” he said.

Anyone with information related to similar schemes is encouraged to contact their nearest SAPS station.

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