Durban based businessman, Sugenthiren John Nair (50), also known as ‘Sugen’ appeared in the Specialized Commercial Crimes Court at Palm Ridge on Wednesday on charges of fraud and theft on Thursday, 12 December 2019.
Hawks’ Serious Commercial Crime unit circulated Nair on local and international boarder movement control for allegedly luring unsuspecting investors to invest money into RAZIGEN (Pty) Ltd Investment company in return of 7.5% interest for every R100 000 invested.
Nair was arrested on Tuesday, 10 December 2019 at the OR International Airport upon his arrival from Barcelona.
It is alleged that Nair disappeared with R2.5 million that was invested by an individual after he paid the victim only three months dividends. Further investigation revealed that RAZIGEN (Pty) Ltd, is not registered with the Financial Sector Conduct Authority (FSCA) and a further charge of contravention of the Banks Act has been added.
The court has granted Nair R10 000 bail with strict conditions, including that he surrenders his passport and reports to a police station twice a week. The case has been postponed to 3 February 2020 pending further investigation.
The Directorate for Priority Crime Investigation (DPCI), Acting Provincial Head, Major General Siphosihle Nkosi applauded the investigation team for the apprehension of Nair and the possibility that he could be linked to various investment scams in the country.
The DPCI hereby calls upon investors who might have been scammed by Nair to come forward with information for further investigation.
The public is urged to contact the investigation officers, Captain Hanyani Ngobeni on 071 481 3574 and Lieutenant Colonel Yolisa Sabela on 071 481 3612.
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