The Palm Ridge Specialised Commercial Crimes Court granted Kevin John Cholwich (57) and Theunis Johannes Schoeman (64) R10 000 bail each during their court appearance on allegations of fraud on Wednesday, 23 March.
Cholwich and Schoeman handed themselves in at the Hawks’ Serious Commercial Crime Investigation office in Johannesburg following an investment fraud investigation against them.
It is alleged that the pair lured complainants to buy licenses at All Quotes Investment worth over a R2 million in 2014 and 2015 when they advertised in newspapers for potential investors.
Further investigation revealed that Cholwich and Schoeman did not own any shares at the above entity, however they allegedly fraudulently created share certificates as proof of lucrative dividends to their clients.
Approximately R2 million was allegedly deposited into the duo’s bank account by potential shareholders.
Warrants of arrest were issued for their apprehension and subsequently charged for fraud.
The case is postponed to 10 May 2021 for disclosure.
