KZN Hawks nab three accused of running pyramid scheme
Updated | By Gcinokuhle Malinga
Three people linked to a northern KZN company allegedly running a pyramid scheme have been given bail.

Malcolm de Beer (54), Patricia de Beer (53), and Samantha de Beer (31) appeared in the Pietermaritzburg Magistrate’s Court on Tuesday on charges of fraud and an alternative charge of theft of approximately R73 million.
The KZN Hawks arrested them after some investors raised the alarm when they didn't see returns on their investments from the Coin-It scheme.
The state found that the Dundee-based company, Coin-It Trading, was not registered as a financial services provider and broke the law by not having the prescribed licence.
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NPA KZN spokesperson Natasha Kara says Coin-It had placed adverts on its website and in different newspapers calling for people to invest with them despite not being authorised to accept deposits from investors.
"They are charged with contravention of the Financial Advisory and Intermediary Services Act, the Banks Act and money laundering."
"They were released on bail of R50 000 each. The matter was remanded on the 19th of March 2024 for discovery."
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