R600K disappears from stokvel’s bank account

Two stokvel members have been arrested and released on bail for allegedly withdrawing money from the bank account without the knowledge or consent of other members.

Benjamin Mogotsi, 51, and Constance Motaung, 50, are expected to make their second appearance in the Rustenburg Magistrate’s Court on Thursday, 29 May 2025, for fraud.

They were arrested on Wednesday, 26 March 2025, in Rustenburg.

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According to police spokesperson Colonel Adéle Myburgh, the treasurer notified other members after noticing in November 2023 that multiple withdrawals had been made from the account.

“It was later discovered that Motaung and Mogotsi, who were some of the signatories, withdrew R600 000 without the consent or informing other members. The money was allegedly invested in cryptocurrency, which resulted in a loss.”

The secretary of the stokvel later reported the matter to the police.

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A warrant of arrest was issued for the arrest of the alleged suspects. The duo was arrested on Wednesday, 26 March 2025, and appeared in court. They were each granted R5 000 bail.

Stokvel owner sentenced

In a separate incident, the Bethlehem Commercial Crimes Court fined Tshwaranang Stokvel, an investment scheme infamous for promising Eastern Free State investors a 50% interest within 30 days, R1 million suspended for five years and R700 000 suspended for five years for money laundering.

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Its owner, Caleb Ntuli, 41, was sentenced to seven years in prison for fraud and money laundering.

The court handed down the sentence on Ntuli’s birthday, 22 February 2024.

Lieutenant Colonel Zweli Mohobeleli said more than 250 victims had invested their money into Tshwaranang Stokvel between 2016 and 2019.

“A cumulative amount of about R8 million was lost. Investors cried foul when there were no dividends, and Ntuli was nowhere to be found. The Serious Commercial Crime Investigation team in Bethlehem traced Ntuli to Palm Ridge in Gauteng, where he was arrested on 17 September 2022.”

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Free State Head of the Directorate for Priority Crime Investigation (Hawks), Major General Mokgadi Bokaba, commended investigators for their commitment to solving a complex crime.

“Get-rich-quick schemes almost always have the same outcome. Their promises of return on investment are usually too good to be true and must not be believed,” she said.