Pastor Colin Davids and Two Associates Found Guilty in R329 Million Fraud Case
In a landmark verdict delivered on 10 June 2025, the Bellville Specialised Commercial Crimes Court found pastor Colin Davids (56), his company Platinum Forex, and associate Derek Bredekamp (58) guilty of orchestrating a sprawling Ponzi scheme that defrauded investors out of R329 million.
The Scam: Fake Investments and False Promises
Operating between 2009 and 2015, the trio ran an elaborate investment scam that lured the public with promises of attractive monthly returns ranging from 2% to 8%, alongside guarantees to repay the original capital. Instead of generating real profits, the scheme relied on funds from new investors to pay returns to earlier ones, a classic hallmark of Ponzi fraud.
Multiple Charges and Legal Action
The defendants were convicted on numerous charges, including violations of the Financial Advisory and Intermediary Services Act, the Banks Act, and one count of money laundering under the Prevention of Organised Crime Act, alongside 56 counts of fraud. The case was rigorously investigated by the Hawks’ Serious Commercial Crime Investigation unit in Bellville, highlighting the scale and sophistication of the scam.
Asset Confiscation and Custody
In addition to the convictions, the court issued a confiscation order for approximately R100 million against Davids and his company. Their bail was revoked, and the accused remain in custody pending sentencing, scheduled for 18 June 2025.
This conviction sends a strong message against financial fraud and Ponzi schemes, underscoring law enforcement’s commitment to protecting investors and holding perpetrators accountable.
