Colin Davids, the director of Platinum Forex Group, faces charges of fraud, contravention of the Financial Advisory and Intermediary Services Act FAIS , for which he was not registered or licensed to perform.

The New Direction Church pastor, aged 49, is said to have run a scheme where investors were promised impossibly high returns, and were repaid with investments from newcomers.

On Thursday, the Cape Town High Court said that of the over Rm that was initially invested in his company, only about Rm remains, and ruled that a curator oversee the process of distributing frozen funds to investors.

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In the ruling, the judge conveyed his sympathy to investors who had simply wanted a good return on their hard-earned money, he further thanked them for their patience and warned the general public to be wary of similar schemes. According to the Hawks, investigations against Davids by the Serious Commercial Crime Unit are currently ongoing and are at an advanced stage.

Davids remains out on a R bail after he was arrested in June on charges of contravening the FAIS Act and Banks Act. The father of three has denied the allegations against him, insisting his business is legitimate.

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The controversial pastor owns two multi-million rand homes, a luxurious mansion in Plattekloof and another house in Hermanus, and several luxury cars. Shop Loot African Independent Young Independent IOL Property IVEO.

Special Features The Zuma Era DontLookAway Durban Business Fair Trump's America ICC Champions Trophy Durban Tourism Indaba. Last July, the Asset Forfeiture Unit AFU seized assets worth Rm from Platinum Forex.

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The Judge also praised the AFU for their work on the case. He is due to make a follow-up appearance in the Bellville Magistrate's Court on September Local actress shot and wounded in a home invasion. Wayde van Niekerk has done it again!

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