Publications
Partners
A Durban based businessman made his first appearance in the Specialised Commercial Crimes Court sitting in Palm Ridge, in Gauteng for allegedly defrauding people who had invested in his company.
Sugenthiren John Nair, 50, also known as 'Sugen' is facing charges of fraud and theft.
Hawks' Gauteng spokesperson Captain Ndivhuwo Molamu said the organisation's Serious Commercial Crime unit circulated Nair's name on local and international border movement control after he was wanted for allegedly luring unsuspecting investors to invest money into RAZIGEN (Pty) Ltd Investment company in return of 7.5% interest for every R100 000 invested.
Nair was arrested on Tuesday at the OR International Airport upon his arrival from Barcelona.
"It is alleged that Nair disappeared with R2.5 million that was invested by an individual after he paid the victim only three months [worth of] dividends. Further investigation revealed that RAZIGEN (Pty) Ltd, is not registered with the Financial Sector Conduct Authority (FSCA) and a further charge of contravention of the Banks Act has been added," said Molamu.
The court has granted Nair R10 000 bail with strict conditions, including that he surrenders his passport and reports to the nearest police station twice a week.
The case has been postponed to 3 February 2020 pending further investigation.
The Hawks' acting Gauteng head, Major General Siphosihle Nkosi applauded the investigation team for Nair's apprehension and the possibility that he could be linked to various investment scams in the country.
The Hawks have called for more people who had invested in Nair's company and might have been scammed by Nair to come forward with information for further investigation.
