Company recovers R21.55m stolen in bogus bank fraud call
A caller posing as an Absa official persuaded the company’s financial manager to approve electronic links while unauthorised transactions were processed.
#POCA
FICA cross-border cash provisions take effect on 1 July
A proclamation brings into operation a set of dormant provisions that link cross-border cash reporting to criminal penalties and forfeiture powers.
Scammers pose as bank officials in R21.5m heist
An urgent preservation order blocked the proceeds from being moved while investigators pursue a criminal case and forfeiture proceedings.
AFU restrains R43.9m in assets linked to alleged investment scam
The NPA says the order follows arrests in a fraud investigation targeting victims across multiple jurisdictions.
Asset forfeiture and unlawful money schemes
Fraud victims have two distinct remedies: criminal-law-driven asset forfeiture via the Prevention of Organised Crime Act and civil liquidation proceedings under the Companies Act.
Ponzi scheme operator sentenced to 10 years for crypto fraud
Five investors sought to recover their money, but the High Court ruled their funds were part of an illegal operation and must be forfeited to the state.
More arrests in Steinhoff saga as executives face justice
The arrest of two more former Steinhoff executives ties back to a fraudulent scheme involving a handwritten note by Markus Jooste.
FSCA refutes claim of Banxso licence reinstatement amid ongoing investigation
The liquidation application against Banxso claims that the number of clients deceived by the deepfake adverts is far greater than previously reported.
