Fourteen suspects arrested for money laundering

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Fourteen suspects have been arrested in Stellenbosch on fraud, theft, and money laundering charges involving about R40 million.

Police spokesperson, Joseph Swartbooi, says the 14 are suspected to be part of a syndicate operating an asset financing scheme.

He says they are expected to appear in court tomorrow.

Fourteen suspects are expected to appear in the Stellenbosch Magistrate’s Court on Thursday on charges of fraud, theft, and money laundering over R40 million.

The alarm was raised by local financial institutions about a syndicate operating a huge asset financing scheme. The reports suggested that the members of this syndicate would create and submit false vehicle finance applications to motor dealerships with whom they had a corrupt relationship.

In the early hours of Wednesday, police members who formed part of an integrated operation arrested two females and 12 males on the mentioned charges.

As part of the ongoing investigations, the possibility of more arrests is not excluded.