The National Prosecuting Authority’s (NPA) Asset Forfeiture Unit (AFU) in the Eastern Cape has secured a forfeiture order that has resulted in the recovery of approximately R1.7 million for a man who lost the money in an alleged investment scam.
NPA Eastern Cape regional spokesperson Luxolo Tyali said Luigi Bobbs had been fully reimbursed following the forfeiture proceedings, which involved funds allegedly stolen from his bank accounts through a fraudulent investment scheme.
According Tyali, Bobbs was approached by an individual who presented himself as a senior financial adviser and investment account manager.
The individual allegedly persuaded Bobbs to make an initial investment of approximately R4,000 in an opportunity purportedly linked to the London Stock Exchange.
Tyali said Bobbs was subsequently instructed to download several applications, including AnyDesk, Binance and LSE, and to provide a PIN.
"These applications and instructions are suspected to have enabled unauthorised access to his bank accounts. Shortly afterwards, unauthorised transactions were made from Mr Bobbs’s Standard Bank and Absa accounts," he said.
These included a payment of R69,000 from his Standard Bank account and several transfers totalling R1.6 million from his Absa account.
The NPA said Bobbs was later informed that his investment had generated substantial profits but was told he needed to verify his Absa account before the money could be released.
This was part of the scheme used to deceive him and facilitate further unauthorised transactions.
Tyali said the matter was reported to the South African Police Service (SAPS) before being referred to the Eastern Cape AFU.
Working with SAPS, the AFU enlisted the assistance of the Financial Intelligence Centre (FIC) to trace the funds.
The investigation established that money from Bobbs’s accounts had been transferred to an account held by Billionaire Industries (Pty) Ltd and subsequently to an account held by Papzeedo Trading (Pty) Ltd.
Tyali said the FIC’s financial analysis played a crucial role in tracing the funds and identifying the accounts through which the money had moved.
A temporary hold was placed on the targeted account, and it was confirmed by a court order on August 27, 2026.
Investigators identify similar alleged investment scams
Further investigations uncovered similarities between Bobbs’s case and several other reported cases involving alleged investment scams linked to Papzeedo Trading (Pty) Ltd in different parts of the country.
In these cases, victims were reportedly attracted by investment opportunities requiring relatively small initial deposits before being persuaded to download remote-access applications.
Substantial unauthorised withdrawals were subsequently made from their bank accounts.
Investigators traced funds in several of these matters to accounts associated with the same entities, pointing to a recurring alleged modus operandi.
The NPA said the forfeiture order would disrupt the flow of suspected proceeds of crime while enabling the recovery of money for victims.
sinenhlanhla.masilela@iol.co.za
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