GAUTENG – Kevin John Cholwich (57) and Theunis Johannes Schoeman (64) was granted R10 000 bail yesterday in the Palm Ridge Specialised Commercial Crimes Court during their court appearance on allegations of investment fraud.
Hawks spokesperson Capt Ndivhuwo Mulamu says Cholwich and Schoeman handed themselves in at the Hawks’ Serious Commercial Crime Investigation office in Johannesburg following an investment fraud investigation against them.
He says it is alleged that the pair lured complainants to buy licenses at All Quotes Investment worth over a R2 million in 2014 and 2015 when they advertised on newspapers for potential investors.
According to Mulamu further investigation revealed that Cholwich and Schoeman did not own any shares at the above entity, however they allegedly fraudulently created share certificates as proof of lucrative dividends to their clients.
“Approximately R2 million was allegedly deposited into the duo’s bank account by potential shareholders.”
“Warrants of arrest were issued for their apprehension and subsequently charged for fraud yesterday.”
The case is postponed to 10 May 2021 for disclosure, Mulamu concludes.
Tags: Investment Scam