Alleged fraudster, Jaco Leon Jordaan, was refused bail in the Secunda Magistrate’s Court during his formal bail application on Friday.
It is alleged that Jaco swindled over 100 investors out of more than R100 mil through a Ponzi scheme. He promised mainly Secunda and Kriel residents that their investment will double. When payment was due and investors didn’t receive the promised funds, they went to his office in Gauteng only to find that it closed down and phones are disconnected. “The first few months went well, but come November, the payments stopped and Jaco was nowhere to be found. I lost R800 000,” a victim, attending court for Jaco’s first appearance in Secunda, said last Tuesday. Jaco is/was the owner of Access Properties in Heidelberg. His fraud stretches further than Mpumalanga and according to Brig. Leonard Hlati, SAPS Provincial Communication Officer, he is also expected to face similar operandi accusations in other provinces. Jaco was arrested on Monday, 26 February, and remained in custody for a formal bail application on Friday.
Lt. Gen Mondli Zuma, Mpumalanga Provincial Police Commissioner, hailed the investigation team for the selflessness and sterling work they have done in bringing the suspect to book to account for his deeds. The investigation by the Commercial Crime Unit of the HAWKS continues.