R100 million fraud shock: Alleged mastermind arrested by Hawks, walks out on R10,000 bail
Jacobus Geldenhuis, accused of running a R100 million investment scam, appeared in the Palm Ridge Specialised Commercial Crimes Court where he was granted R10,000 bail.
Image: Hawks
A 65-year-old man, Jacobus Stefanus Geldenhuis, who handed himself over to the Hawks’ Serious Commercial Crime Investigation unit on Thursday, has appeared before the Palm Ridge Specialised Commercial Crimes Court where he was charged with 21 counts of fraud and money laundering.
According to the Directorate for Priority Crime Investigation, also known as the Hawks, Geldenhuis allegedly posed as a financial advisor and convinced victims to deposit money into several bank accounts under the pretext that he would invest the funds in offshore markets.
Jacobus Geldenhuis, accused of running a R100 million investment scam, appeared in the Palm Ridge Specialised Commercial Crimes Court where he was granted R10,000 bail.
Image: Hawks
Investigators later established that none of the money was invested and that Geldenhuis was disbarred as a financial advisor in 2009. His company was also not registered with the Financial Sector Conduct Authority.
“As a result of the suspect’s actions, victims suffered a loss of R100 million,” Hawks spokesperson in Gauteng, Warrant Officer Thatohatsi Mavimbela said.
She added that Geldenhuis had “misrepresented himself as a legitimate financial advisor” and used this deception “to lure unsuspecting victims into trusting him with their money.”
Mavimbela confirmed that Geldenhuis voluntarily surrendered to authorities on Thursday morning before appearing in court.
During his appearance, Geldenhuis was granted bail of R10 000. The case has been postponed to 26 January 2026 for the defence to receive copies of the docket.
jonisayi.maromo@iol.co.za
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