The formal bail application of a co-accused in the Bushiri fraud case, Willah Mudolo, has been postponed to December 3.
The matter was postponed for the continuation of Mudolo’s formal bail application and for the tracing of the Bushiri couple, said the Pretoria magistrate’s court.
They are charged with fraud and money laundering related to an investment scheme valued at R102m, owned by Mudolo and his wife Zethu.
The alleged crimes took place between 2017 and 2019. The state alleged during the proceedings that the accused had benefited via the scheme through two companies, despite the companies not being registered in terms of the Financial Advisory and Intermediary Services Act.
It is alleged they persuaded members of the Enlightened Christian Gathering church to partake in an investment opportunity within Shepherd Bushiri Investments and Rising Estates that would allegedly yield 50% in returns within three months.