Ponzi scheme mastermind arrested for R23m investment fraud
Updated | By Mmangaliso Khumalo
The Hawks in Gauteng have confirmed the arrest of 42-year old Jaco Botha, following the Hawks' Serious Commercial Crime Investigation team’s probe into an alleged fraudulent investment scheme where investors lost more than R23 million.

From April 2023 to July of the same year, Botha allegedly duped multiple individuals into investing money with his company Steadfast (Pty) Ltd.
He promised them high-interest returns on investment over some time, however; this was never the case as no returns were ever received by the investors.
A case was opened at the Edenpark police station in October 2023.
Hawks spokesperson Lloyd Ramovha says a warrant of arrest was duly authorized, and Botha was traced and arrested in Riversdale, Western Cape, on Monday.
"He consequently appeared in court on the same day.
"The investigation by the Hawks has revealed that Botha's company was never registered at the Financial Sector Conduct Authority (FSCA) as a financial institution, licensed to conduct investment, nor was it authorized to take deposits from the public which is a breach of the Banks Act and the Financial Advisory and Intermediary Services Act (FAIS).
"Botha appeared in the Riversdale Magistrates Court on Monday"
The case was transferred to the Palm Ridge Court for a bail hearing on Monday.
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