Ponzi court case back in spring

Alleged “Ponzi pastor” Colin Davids was given a seven-month reprieve in the Western Cape High Court on Wednesday January 18.

National Prosecuting Authority (NPA) spokesman Eric Ntabazalila said the matter was adjourned until Tuesday September 27 to finalise the investigation (“Alleged Ponzi victims asked to come forward,” Northern News, Wednesday January 18).

Captain Lloyd Ramovha of the Hawks said Pastor Davids stands accused of defrauding victims of millions of rands.

He faces charges of fraud and contravening the Financial Advisory and Intermediary Services Act and Banks Act after his trading company, Platinum Forex, which is not registered by the Financial Services Board, allegedly duped investors with promises of higher than normal returns on their investments.

Victims are urged to contact Lieutenant Colonel Jerome Hardenberg at 082 850 9747.