CAPE TOWN RETIREE LOSES R10.6M TO SCAMMERS

Police hunting for organised criminals

- GENEVIEVE SERRA

A 78-YEAR-OLD former Cape Town businessman has fallen victim to business email compromise and banking fraud, losing nearly R10.6 million of his life savings and pension investment.

Now, police together with the Hawks, are hunting for the network of organised criminals who may be in other African countries.

Hawks spokesperson, Zinzi Hani, said the matter was in their hands following a criminal case registered in December 2024.

"I can confirm that the matter is with the Hawks and that the matter is under investigation," she said.

Police spokesperson, Wesley Twigg, also confirmed their portion of the investigation.

"Be advised that this is a fraud case and is still under investigation. There are no new developments to report at this stage," he said.

The business email compromise fraudsters allegedly used reputable financial institutions such as First National Bank (FNB), and Capitec to commit their crimes.

Their modus operandi is believed to be orchestrated by hackers infiltrating email systems of reputable financial institutions such as investment schemes, pretending to be the companies and then allegedly coaxing their victims into believing they were the authenticated parties.

Once trust is gained, they then allegedly ask their victim to move their large sums of money into their various banking accounts.

In the case of this victim, who is being referred to as Mr X in order to protect his identity for security reasons, his funds were traced across multiple financial institutions that were identified as recipients of the proceeds from fraudsters.