A 52 year-old woman, arrested for her alleged involvement in a fraudulent investment scheme involving more than R1 million, in Limpopo, is expected to appear before the Ritavi Magistrate's Court on Wednesday, facing a fraud charge.

The woman was arrested on Tuesday, by the Provincial Commercial Crime Investigation Unit.

Police spokesperson Lieutenant Colonel Stephen Thakeng said the woman was arrested in connection with a fraud case opened at the local police station in Ritavi, in May 2024.

Thakeng said that in 2021, the suspect went to the house of a male victim and introduced an investment scheme advertised as Hyperfund.

“The victim was convinced about the fraudulent scheme and managed to raise more than one million rand and invested in the scheme,” he said.

Thakeng said the man was assured that he would get his returns in three years.

However, in March 2024, the victim asked for the invested money that he was patiently waiting for.

“Unfortunately, he was told that the investment scheme did not succeed, and it happens that individuals lose their hard-earned money,” Thakeng said.

He said the case was immediately reported to the local police in Ritavi in May 2024 and later transferred to the Provincial Commercial Crime Investigation Unit.

“Following intensive investigations, it was established that the suspect benefitted from unlawful activities concerning the scheme and she was subsequently nabbed for a fraud charge,” he said.

Thakeng said the woman is expected to appear before court on Wednesday.

“Police investigations are continuing,” he added.

simon.majadibodu@iol.co.za

IOL News

Get your news on the go, click here to join the IOL News WhatsApp channel.