The noose is tightening around Cheslyn Swartz, who is allegedly involved in an advance fee investment scam that has left many people devastated, losing their life savings.
The Hawks, South Africa’s priority crime unit, have issued a warrant for his arrest. Swartz specialised in a scheme where victims were required to pay an upfront fee to release a larger sum of money or a substantial financial reward. However, these promised investments turned out to be non-existent.
Investigator Chad Thomas of IRS Forensic Investigations has been working closely with authorities to uncover the details of this scam.
According to Thomas, Swartz took money from individuals seeking investors for their financial instruments. Victims were promised significant amounts of money that never materialized. To further the fraud, Swartz allegedly provided fabricated and manipulated banking documents and sent voice notes to victims, assuring them of payouts.
Swartz is believed to be associated with Kobus Boshoff, known as the “Teflon Don,” who has been the subject of numerous criminal investigations over the past three decades. Boshoff was previously accused of swindling millions of rand from victims using various fraudulent tactics.
The voice notes Swartz sent to investors were pre-recorded updates aimed at keeping them placated and maintaining their trust in him.
The messages revolved around investments, bank errors, money transfers, and perceived hurdles, all designed to deceive investors. The Citizen, a media outlet, has also obtained forged bank statements and false deposit slips allegedly used by Swartz as “evidence” of his legitimacy.
This scam has been ongoing for over a decade, with some victims falling for it multiple times. Swartz has gained a reputation as an exceptional liar, adept at manipulating and deceiving his victims.
To date, none of the promised investments have materialized, and the money paid by victims has allegedly not been used for its intended purposes.
Investigator Chad Thomas has uncovered a connection between Boshoff and Swartz while investigating another advance fee scheme.
It appears that they have been running a sophisticated scam together for years, leaving a trail of victims in their wake.
The authorities are diligently working to bring Swartz and Boshoff to justice, and it is hoped that their arrest will bring some relief to the victims who have suffered significant financial losses.