Mahikeng alleged loan shark and wife appear in court for fraud

NORTH WEST Victor Mosiane (44) and his wife Dorcus Mosiane (42) appeared before the Mahikeng Magistrate's Court on Friday 2019-08-02, following their arrest on the same day for alleged fraud in contravention of Section 34 of 2005 of the National Credit Regulator Act.

Investigations by the Serious Commercial Crime unit of the Directorate for Priority Crime Investigation revealed that the couple allegedly ran an unregistered and fraudulent money lending business where their clients would be forced to hand over their vehicle registration documents as well as their vehicles as surety. The suspects then changed ownership of some of the vehicles without the consent of the clients and late payments would allegedly result in excessive interest rates being charged.

The couple has been remanded in custody and will appear again at the Mahikeng Magistrate's Court on 06 August 2019 for a bail application.

Source: South African Police Service