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KZN Businessman in Forex Fraud Avoids Jail
Abstract：Durban – A KwaZulu-Natal businessman found guilty of defrauding people of almost R7 million has avoided jail time.
Jan Hendrik van Zyl was convicted recently in the Durban Specialised Commercial Crime Court for crimes committed around Durban between 2009 and 2014.
According to Hawks spokesperson, Captain Simphiwe Mhlongo, the court heard Van Zyl, who owns a company called QPT Trading, had informed victims he was investing their cash in Forex Trading and promised them a 5% return of per month.
The company was based in Newcastle and had branches in Amanzimtoti and Ballito.
“The contracts were signed and he then paid out few monthly returns and abruptly discontinued paying,” said Mhlongo.
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The matter was reported to the police and the case docket was allocated to Hawks members from Durban Serious Commercial Crime to investigate.
“As a result almost R4.5 million was recovered and paid back to the investors.”
Van Zyl was sentenced to 10 years imprisonment, wholly suspended for 5 years, on condition he was not found guilty of the same offence during the period of suspension.
In addition, the court ordered Van Zyl repay the outstanding amount of R2.4 million in instalments of R40,000 on a monthly basis through the clerk of the court.
In addition, the court ordered him to perform community service.
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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