Jeffreys Bay low-cost housing developer gets bail in alleged R4.5m fraud and theft case

A businessman from Jeffreys Bay in the Eastern Cape was released on R5 000 bail in the Port Elizabeth Specialised Commercial Crime Court, where he stands accused of fraud and theft to the tune of R4.5 million.

Stephanus De Wet De Lange, a co-director of Cinzaco 180 (Pty) Ltd, which was involved in the construction of low-cost houses from March 2014 to 20 December 2017, is accused of unlawfully transferring R3 277 000 from the Cinzaco bank account to his family’s trust account.

He allegedly did so under the pretence that the money would pay Cinzaco’s creditors and employees.

It is further alleged that on 20 December 2017, De Lange unlawfully and without authority transferred R870 000 from Cinzaco’s bank account to the bank account of his family trust, and that in April 2018, he stole a further R423 000 from Cinzaco.

State prosecutor advocate Tjaart van Zyl did not oppose bail as “the accused gave his full cooperation during the investigation and handed himself over to the Hawks when he was requested to do so”.

He will appear in court again on 7 September.

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