Johannesburg - Three men were arrested for allegedly using falsified Land Bank guarantees to defraud a businessman out of R130m, a spokesperson for the agricultural finance institution said on Monday.
Adam Shepherd, David Smith and Kenneth Sticker allegedly used forged Land Bank guarantees and a letter of confirmation in a property transaction to get a Middelburg businessman to hand over the R130m as an advance on a transaction to buy an agricultural estate in KwaZulu-Natal in 2006, spokesperson Musa Mchunu said in a statement.
The men were not associated with the Land Bank. They appeared in the Middelburg Magistrates' Court last week on charges of fraud and forgery. Their case was postponed to October 5.
"It is suspected they may be involved in more cases. More arrests could be made in the near future."
The men were released on R10 000 bail each.
- Sapa
Adam Shepherd, David Smith and Kenneth Sticker allegedly used forged Land Bank guarantees and a letter of confirmation in a property transaction to get a Middelburg businessman to hand over the R130m as an advance on a transaction to buy an agricultural estate in KwaZulu-Natal in 2006, spokesperson Musa Mchunu said in a statement.
The men were not associated with the Land Bank. They appeared in the Middelburg Magistrates' Court last week on charges of fraud and forgery. Their case was postponed to October 5.
"It is suspected they may be involved in more cases. More arrests could be made in the near future."
The men were released on R10 000 bail each.
- Sapa