Ex-Kaizer Chiefs official in court for R100m fraud

A former Kaizer Chiefs official appeared at the Palm Ridge Specialised Commercial Crimes Court on Wednesday alongside his wife and son for fraud of more than R100 million.

The case against the former public relations officer Louis Tshakoane and his co-accused was postponed to next week for a formal bail application.

Undercover billionaires

The trio is accused of benefitting from an unregistered investment scheme called Undercover Billionaires.

Louis Tshakoane, 74, Suzan Tshakoane, 59, and Louis Tshakoane junior, 34, will have to answer to charges of fraud, theft, money laundering and contravention of the Financial Advisory and Intermediary Services Act.

Police spokesperson Colonel Katlego Mogale said in a statement: “The father was arrested at a funeral in Mamelodi, east of Pretoria following an execution of a warrant of arrest by the Hawks‘ Serious Commercial Crime Investigation based in Johannesburg in relation to an ongoing investigation into an unregistered investment scheme.

“He is reported to have participated in the presentations aimed at enticing potential investors with a promise of high returns. The amount of investments tendered is approximately R100 million.”

Louis’ 34-year-old son was arrested in a residence at Kempton Park.

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Previous offences

Police revealed that his first arrest was in 2019 where he was granted bail of R70,000.

The accused then made a series of appearances but later absconded and his arrest was as result of a bench warrant for which he forfeited his bail.

The trio will appear again at the Palm Ridge Specialised Commercial Crimes Court next week for a formal bail application.

In an unrelated incident, two senior officials employed by the Polokwane Municipality were suspended following a probe into irregularities and maladministration of more than R100 million, last week Friday.

The two highly placed officials are suspected to have been involved in fraud and corruption relating to water project management contracts, and buses the municipality acquired on the Leeto la Polokwane programme.

ALSO READ: Polokwane Municipality suspends top execs for R100m fraud