KZN businessman Jan Hendrik van Zyl Avoids Jail Time After Being Convicted Of R7 Million Fraud
Jan Hendrik van Zyl, a businessman from Kwa-Zulu Natal avoided jail time despite being found guilty of defrauding people of almost R7 million.
Jan Hendrik van Zyl was convicted recently in the Durban Specialised Commercial Crime Court for crimes committed around Durban between 2009 and 2014. The court heard that Van Zyl, who owns a company called QPT Trading, informed unsuspecting victims he was investing their cash in Forex Trading and promised them a 5% return of per month.
QPT Trading was based in Newcastle and had branches in Amanzimtoti and Ballito. According to Hawks spokesperson, Captain Simphiwe Mhlongo, “The contracts were signed and he then paid out few monthly returns and abruptly discontinued paying. The matter was reported to the police and the case docket was allocated to Hawks members from Durban Serious Commercial Crime to investigate. As a result almost R 4.5 million was recovered and paid back to the investors.”
Van Zyl was sentenced to 10 years imprisonment, wholly suspended for 5 years, on condition he was not found guilty of the same offence during the period of suspension.
He was further ordered to repay the outstanding amount of R2.4 million in instalments of R40 000 on a monthly basis through the clerk of the court.
In addition, the court ordered him to perform community service.
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