Hawks Arrest Ringleader Of R7M Vehicle Finance Scam
The Hawks arrested an alleged ringleader of a vehicle finance scam on Monday, as the suspect was appearing in court in connection to another fraud case, said Gauteng police on Wednesday.
David Monamo was appearing in the Johannesburg Commerical Crime Court on Monday with his accomplice, Mahlatse Selby Mabokela. The duo are farcing charges for defrauding a vehicle dealership in Roodepoort of more than R170 000.
While the two were in court, the Hawks arrested Monamo for 43 counts of fraud amounting to R7.1 million.
“These charges came after several vehicle financing institutions had approached the Hawks for assistance after their forensic investigation departments had identified a syndicate,” said police spokesperson, Captain Paul Ramaloko.
“One Johannesburg-based bank was defrauded of R7.1 million in fraudulent purchases of 43 Toyota Avanzas, which were recovered during a joint operation between the Hawks and the defrauded bank.”
According to Ramaloko, Monamo’s clients operate in the taxi industry in the Alexandra and Benoni areas. Most of them could not qualify for finance, but wanted to use these Toyota Avanzas as taxis. They would pay Monamo a small deposit of R1800 for a new vehicle.
Monamo has been remanded in custody until next week Tuesday for a formal bail application.
photo credit: Connor Tarter via photopin cc
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