CONTROVERSIAL fraudster Terrence Govender, aka ‘Titus’, who pocketed more than R35-million from pensioners investing in his bogus transport business opportunity, will serve 12 years in the Westville Prison in Durban.
He was sentenced on Wednesday in the Durban Specialised Commercial Crime Court on 78 counts of fraud, as well as contravening the Banks Act and the Financial Advisory and Intermediary Services (FAIS) Act.
Operating since 2014 from premises in Dollar Drive, Alton, his get-rich-quick scheme successfully lured at least 78 investors from Richards Bay, Durban, Johannesburg, Newcastle, Cape Town, Piet Retief, Margate and Bloemfontein with promises of a lucrative monthly income ranging from R10 000 to R80 000.
Govender (34) ran two scams advertised on Gumtree – a trucking scheme in which he promised to purchase trucks on behalf of the investors and register these onto their names while repaying them significant interest over a period of five years, and an investment scheme with which he also guaranteed capital and monthly returns.
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