South Africa: Fraud Suspect Hands Himself Over in R100 Million Case

By Everson Luhanga

Jacobus Stefanus Geldenhuis is charged with 21 counts of fraud and money laundering after victims lost R100 million in a fake investment scheme.

Geldenhuis was granted bail of R10 000 at the Palm Ridge Specialised Commercial Crimes Court and will return to court on 26 January 2026.

A 65-year-old man who is accused of running a massive fake investment scheme is now out on bail after he handed himself over to the Hawks.

Jacobus Stefanus Geldenhuis walked into a police station on 4 December 2025. He was then arrested by the Hawks' Serious Commercial Crime Investigation team. Officers say he pretended to be a financial adviser even though he was barred from working in the industry in 2009.

Investigators say Geldenhuis used his company to win the trust of people who believed he would invest their money in offshore markets. Victims were told to deposit cash into several bank accounts that he gave them. But none of the money was invested. Instead, the cash disappeared and the victims lost a total of R100 million.

The company he used was not registered with the Financial Sector Conduct Authority. The Hawks say this was a clear sign that the business was not allowed to handle people's investments.

After he handed himself over, Geldenhuis appeared in the Palm Ridge Specialised Commercial Crimes Court. He was charged with 21 counts of fraud and money laundering.

He has now been granted bail of R10 000. The case has been postponed to 26 January 2026. The court will then deal with the copies of the docket and decide on the next steps in the case.

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