Two more suspects arrested in connection with BHI Ponzi Scheme

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Two more suspects have appeared before the Palm Ridge Specialised Commercial Crimes Court sitting in Palm Ridge Magistrates Court, in connection with the BHI Ponzi Scheme fraud case.

Sona Pillay was arrested at the OR Tambo international airport last Friday while Philip Adam handed himself over this morning.

The kingpin of the scheme, Craig Warriner, was sentenced to 25 years imprisonment last month on over 100 counts of fraud.

“The Hawks investigation has linked Pillay and Adam to the Ponzi scheme that started in 2008, where in individuals invested capital to the tune of over R2.8 billion with promises of generating profits exceeding interest of over 10%. In typical Ponzi scheme fashion, BHI Trust scheme started to falter and failed to keep up with the promised returns on investment. Warriner has been in prison since his arrest in August 2023 culminating in his recent sentencing. It is expected that more individuals will be arrested in this case,” explains Gauteng Hawks spokesperson Katlego Mogale.