By Nkosana Khumalo
Police have successfully apprehended eight suspects in connection with a large-scale diamond investment scam that has reportedly defrauded investors of over R4 billion since 2019. The arrests were made during a coordinated operation led by the Hawks, with suspects detained across Gauteng and the North West provinces. The suspects include a couple believed to be the masterminds behind the elaborate scheme.
According to police spokesperson Colonel Philani Nkwalase, the group has been running a fraudulent diamond investment scheme, luring investors with the promise of high returns, only to swindle billions from unsuspecting victims. This operation has been under investigation for several years, with whistle-blowers and law enforcement agencies working closely to bring the culprits to justice.
The arrests took place late on Tuesday, 22 October 2024, as the Hawks moved in on the suspects, who are now facing charges of fraud, money laundering, theft, and racketeering. Among those arrested are Louis and Dezzi Liebenberg, a notorious couple linked to several controversial dealings in South Africa’s diamond trade .
The suspects are expected to appear in the Bronkhorstspruit Magistrates Court on Thursday, 24 October 2024, where more charges may be added as the investigation unfolds. The operation, which involved multiple law enforcement agencies, continues to gather evidence, with more arrests anticipated in the coming days.
This case is just the latest in a series of high-profile fraud investigations targeting South Africa’s lucrative diamond trade, with the police intensifying their efforts to combat financial crimes in the sector. Many investors have come forward, recounting how they were manipulated into investing millions of rands, only to lose everything.
The scam has been running since 2019, targeting individuals with promises of quick profits through diamond investments. The scale of the fraud has shocked many, with estimates suggesting that over R4 billion has been stolen from investors across the country .
As the case progresses, authorities are urging any additional victims or those with information regarding the scheme to come forward. The Hawks, in collaboration with the South African Revenue Service (SARS) and other financial regulatory bodies, are working to recover lost funds and hold all those involved accountable.
The arrest of the Liebenbergs marks a significant breakthrough in the case, but investigators believe that several other individuals may still be at large. Public cooperation and further investigations are expected to uncover more details about the extent of the scam and its network of operatives.
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