It is understood that four men who posed as precious metal dealers to allegedly defraud a businessman of nearly R10 million have been denied bail by the Johannesburg Specialised Commercial Crime Court, this is according to a report by News24 on Tuesday.

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The report states that the Zambian nationals appeared in court on Monday, 24 April 2017 as per Captain Ndivhuwo Mulamu.

Alex Kapasa (29), Andrew Nawa (33), Ephraim Musukwu (28), and Daniel Phiri (37), are alleged to have claimed to be running a business selling gold, platinum, and copper and demanded upfront payment from a business owner in Dubai who paid them $750 000 (approximately R9.8m) for 500kg of gold.

When the seven days promised for delivery passed, the businessman followed up with the quartet only to be offered 1 000kg for $2.2m. “That is when the client suspected that this might be a scam,” Mulamu said. The buyer in Dubai agreed to the new deal and contacted police.
News24 reports that the four were arrested on Friday in a sting operation by the Hawks at a Sandton hotel where the transaction was to be concluded.
The report also states that further investigations allegedly linked the four to another fraud case involving a copper deal in March and that the four will be back in court on 5 May 2017.

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