Bail denied for alleged fraudster

An alleged fraudster, Jaco Leon Jordaan was denied bail by the Secunda Magistrate’s Court during a formal bail application today.

Jordaan was appearing for fraud charges involving an amount estimated at over R100 million. According to the affidavits submitted by more than 100 victims, the alleged fraudster lured people mostly in Secunda and Kriel, to invest their money in his ponzi scheme under false pretext that such money will be doubled, however when the time came for payouts to be effected as promised, Jordaan was no where to be found.

The investors went to his office which was in Gauteng, but only to discover that it was not in operation anymore and his phone was switched off as well.

On Tuesday the police in Mpumalanga reported that Jordaan appeared for the first time at the Secunda Magistrate’s Court after his arrest on Monday at which he was remanded in custody until today for a formal bail application, hence denied.

He is now expected to languish in custody until his next court appearance on 13 April 2018 at the same court and at this stage, the Commercial Crime Unit of the Hawks will investigate this matter further.

The Provincial Commissioner, Lieutenant General Mondli Zuma hailed the investigation team for their selflessness and sterling work done in bringing the suspect to book to account for his deeds.

  AUTHOR
Mpumalanga News

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