Dharmesh Mohan Dullabh,has been charged with 11 counts of fraud relating to cases in Durban, Johannesburg and Cape Town.
Dharmesh Mohan Dullabh, 38, who was arrested in Johannesburg earlier this month, has pleaded not guilty to the charges. He is applying for bail. Dullabh has been charged with 11 counts of fraud relating to cases in Durban, Johannesburg and Cape Town.
The father of two, who poses as a commodities or investment broker, allegedly persuaded businessmen to deposit large sums of money in his bank accounts.It is alleged that he promised to invest the money in offshore accounts or to buy commodities such as gold, titanium and oil. He allegedly supplied investors with statements from foreign banks as proof of their investments, but victims claimed he did not honour investment agreements. The state charges that Dullabh knew that the investments did not exist, that he had no intention of investing the money and that he used the funds for personal gain.In an affidavit submitted to the court in support of his bail application, Dullabh said he made regular overseas trips and owned five businesses, one of which was worth R1.7-million.His assets include a R2.2-million home in Johannesburg and a Mercedes-Benz worth R500000.Prosector Ashika Lucken told the court she had applied to have the Cape Town and Johannesburg cases moved to Durban. The hearing will continue tomorrow.
The father of two, who poses as a commodities or investment broker, allegedly persuaded businessmen to deposit large sums of money in his bank accounts.It is alleged that he promised to invest the money in offshore accounts or to buy commodities such as gold, titanium and oil. He allegedly supplied investors with statements from foreign banks as proof of their investments, but victims claimed he did not honour investment agreements. The state charges that Dullabh knew that the investments did not exist, that he had no intention of investing the money and that he used the funds for personal gain.In an affidavit submitted to the court in support of his bail application, Dullabh said he made regular overseas trips and owned five businesses, one of which was worth R1.7-million.His assets include a R2.2-million home in Johannesburg and a Mercedes-Benz worth R500000.Prosector Ashika Lucken told the court she had applied to have the Cape Town and Johannesburg cases moved to Durban. The hearing will continue tomorrow.
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