Former financial officer released on bail after R91 million fraud

A former 40-year-old Chief Financial Officer at Riskfin has been released on bail after he was allegedly arrested for fraud to the tune of R91 million.

Willem Venter from Garsfontein, was released on Friday by the Pretoria Magistrate's Court on R80,000 bail.

According to the National Prosecuting Authority (NPA) spokesperson Lumka Mahanjana, Venter's alleged fraudulent activities spanned from 2024 to 2025, executed through a consistent modus operandi that targeted multiple clients seeking financial services. 

"He allegedly offered clients financial services, and once agreements were concluded, they transferred funds to him. However, Venter failed to render the agreed services and did not refund the clients.

"It is further alleged that he transferred company funds into his personal bank account. After the complainants alerted the company director, the matter was reported to the police," said Mahanjana.

She said following investigations, Venter was arrested at his residence and made his first court appearance on November 24, 2025.

During the bail application, Prosecutor Chris Maruma opposed Venter's release citing that he is a flight risk, as he is married to a Zambian national and disclosed only one passport in his affidavit despite having two.

Furthermore, it was also submitted that one complainant had reported interference with a witness after the case was opened.

However, Mahanjana added that the magistrate found that exceptional circumstances existed that justified granting bail.

The matter was postponed to February 21, 2026, for further investigation.

sinenhlanhla.masilela@iol.co.za

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