Fraud accused, Brendon Naidoo was back in court Friday, May 5, dressed in a grey blazer, white shirt and blue jeans, was accompanied to the court by his mother and grandmother.
However, the matter was postponed to allow for further investigations to be conducted. Naidoo will again appear in court on June 9, 2017.
Outside the court, Naidoo said he was still in a relationship with DJ Zinhle. “We’re good, and we’ll always be there for each other, and we get stronger by day.”
He added: “The support from everyone has been amazing because they know who I am. The truth will come out.” Naidoo did not say why DJ Zinhle was not at his side.
Naidoo is being investigated for multiple counts of fraud after various charges were filed by people who allege that he has taken millions in a shady foreign-exchange trading scheme. Naidoo allegedly used his company, Oracle Wealth Management, which he runs from the luxurious Michelangelo hotel in Sandton to conduct his business.
Naidoo had been arrested for fraud at the start of the Easter long weekend period. Sunday World had reported a few weeks ago that he had made approximately R15-million from investors. Some of the victims of his scam included retired teachers who were led to believe he was going to invest their cash in forex trade markets.
Following his detention over the Easter period, Naidoo appeared for his arraignment where defence counsel had pleaded for a reduced bail amount of R60,000 which was immediately available.
The Magistrate Renier Boshoff stipulated the conditions of the bail was that Naidoo would have to report to the Sandton Police station twice a week.
The Sowetan has had a look at Oracle’s bank statements dating from December 2014 to September 2016 which show how Naidoo seemingly lived the high life primarily on the coffers of his ‘shady’ business dealing.
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Soon after Naidoo was released on bail conditions, the fraud accused immediately shut down his social media accounts restricting access to the public.