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Johannesburg - The SA Revenue Service (SARS) started looking at the controversial investment company Belvedere Management Group months ago, Netwerk24 reported on Wednesday.
Belvedere Management is in trouble with authorities in Mauritius because it has allegedly operated a Ponzi scheme.
Belvedere Management, which apparently manages assets of almost R200bn and has a strong local footprint, is allegedly on the verge of crashing.
Two independent sources with knowledge of the case confirmed that SARS has the scheme in its focus.
"SARS has received a complaint. There is certainly interest in the scheme as well as in [Cobus] Kellermann."
The matter came to a head on Monday when Kellermann, a Cape Town asset manager, was linked to "one of the biggest criminal financial enterprises" to date.
READ: Capetonian Kellermann accused as kingpin of R200bn Belvedere Ponzi
Officially, in terms of legislation, SARS did not want to admit to or deny such an investigation.
The financial services commission of Mauritius (FCS) has placed Belvedere Management and two of its funds - Lancelot Global PCC and Four Elements – under the curatorship of PwC.
A Ponzi scheme is a company which attracts investors by means of a promise of high returns - just to end up paying the first investors with the money which subsequent investors put into the scheme.
The murder of a South African asset manager, the crash of various international schemes, fraud of millions of rand and serious conflict of interest are some of the offenses relating to the Belvedere issue, which has been exposed by OffshoreAlert.
OffshoreAlert is an American company, which exposes international investment fraud among other matters.
Kellermann (38), who was a pupil at High School Linden in Johannesburg and later a student at the University of Stellenbosch, manages Belvedere along with Irish David Cosgrove and Mauritian Kenneth Maillard.
READ: Belvedere Ponzi scandal: Who is Cobus Kellermann?
"An investigation of OffshoreAlert indicates that they managed one of the biggest criminal financial enterprises in history. They have been assisted by professional service providers, who wittingly or unwittingly played a part or were grossly negligent. This exposes them to massive claims when the group inevitably implodes," wrote OffshoreAlert.
Neither Kellermann nor his wife, Tracy, could be reached for comment. The couple live in a house in Bellville, Cape Town. The house belongs to both of them according to a deeds office search and cost about R3m.
A look at Kellermann's Facebook and Pinterest profile shows he is crazy about cars - the classic vintage types - as well as modern ones.
Rumours have it that Kellermann has fled abroad, but cars and activities have been noticed at the couple's home on Tuesday evening.
Belvedere Management, Lancelot Global PCC and Four Elements have been in trouble with the FCS since last year.
Official documents of the FCS show that Lancelot Global PCC and Four Elements had their international business licences withdrawn in October. The funds were forbidden to take on more investors, an investigation was launched and official warnings addressed to investors.
The Hawks' unit for commercial offenses, which has Ponzi specialists in the Cape, is not yet investigating the scheme, said Brigadier Hangwani Mulaudzi.
"As soon as the Hawks receive a complaint, we shall investigate it."
ALSO READ: Ponzi scheme kingpin on his way to Australia, says Alec Hogg
UPDATE:
Since publication of the article above, several regulatory authorities have conducted investigations into the allegations of fraud and of a possible Ponzi scheme and have found as follows:
The Guernsey Financial Services Commission having reviewed their Enforcement Division’s report and accompanying evidence concluded that no further action will be taken and that their proceedings are at an end.
The US based Chartered Financial Analyst Institute stated, after reviewing the information available to them, that their Professional Conduct program decided to close its investigation and to take no disciplinary action, reserving the right to reopen the matter if new information comes to hand.
The Financial Sector Conduct Authority found no evidence of any breaches of the relevant South African financial sector laws.
