The Palm Ridge Specialised Commercial Crimes Court granted Matthew Charles Dunn (34) a R20 000 bail during his court appearance on allegations of fraud on Monday. Dunn was arrested at his residence in Melville on Saturday following investment fraud and theft investigation against him.
It is alleged that Dunn lured complainants to buy shares at Anglo American, Khumba Iron Ore and Wesizwe worth over a R1 million between December 2016 and January 2018.
Further investigation revealed that Dunn did not own any shares at the above entities, however he allegedly fraudulently created certificates as proof of dividends to his clients. Approximately R40 million was allegedly deposited into Dunn’s bank account by potential shareholders.
A warrant of arrest was issued last Friday for his apprehension. He was arrested and charged for fraud and theft at his residence in Melville on Saturday.
He was granted bail and the case is postponed to 18 November 2020 for further investigation.