Allegations mount that Libertas shows ‘hallmarks of a Ponzi scheme’

What the transaction analysis found

According to The Citizen, an analysis of Libertas GH company bank transactions identified about R1.097 billion flowing through its accounts. The report says R719.4 million of that was paid to investors, while the remaining R377.7 million went to commissions, operating costs, investments in other businesses and other payments.

Those sums form the core of the financial picture offered in the reporting: they show a substantial portion of receipts returned to investors and a sizeable balance distributed elsewhere inside and outside the business. The proportions reported have been described by investigators as a key indicator in assessing whether reported profits were genuine.

Forensic investigator’s affidavit and criminal docket

According to The Citizen, forensic investigator Chad Thomas of IRS Forensic Investigations said in an affidavit that payment patterns suggested returns may have come from new investors’ money rather than cryptocurrency-mining profits. The Citizen reports Thomas opened a criminal docket at Sandton police station and implicated director Ahmad Yasin Hossenbocus in alleged fraud, money laundering and other offences.

The reporting makes clear these are allegations contained in the investigator’s affidavit and subsequent paperwork rather than judicial findings. Alleged criminal conduct remains subject to police and prosecutorial processes.

Business-rescue findings and the move to liquidation

According to The Citizen, business rescue practitioner Thomas Samons identified 2,105 clients and reported that Libertas received more than R906 million between 2020 and 2026. The Citizen said Samons planned to end business rescue proceedings and pursue liquidation of the company.

Closing a business-rescue process and applying for liquidation are formal steps that change how creditors, investors and any remaining company assets are handled. The Citizen’s reporting indicates those steps were in prospect as part of efforts to resolve the company’s liabilities and determine recoverable assets for creditors and investors.

Reported business links and international transactions

According to The Citizen, the reporting described reported investments or transactions involving Technotherm (a plastic-to-diesel venture) and Afriswiss Trading (linked to sugar imports), and it mentioned possible transaction links or assets in Dubai and Mauritius. The Citizen’s account frames these as parts of the company’s reported activity that investigators were examining.

International payment flows and commercial relationships are common focal points in forensic financial work because they can complicate attempts to trace funds and identify recoverable assets. The Citizen’s reporting indicates investigators were still verifying the nature and destination of the transactions referenced.

Libertas response

According to The Citizen, Libertas denied operating a Ponzi scheme, and its former representative, attorney Paresh Pursooth, disputed the investigator’s claims. The reporting records those denials alongside the allegations and investigation steps.

Why investigators highlight payment patterns

Investigators commonly look at where money came from and where it was paid to determine whether business activity generated stated returns. Generic signs that raise concern include rapid inflows followed by large distributions to earlier investors, or payouts that appear to track incoming investor funds rather than income from an operating business.

That contextual framework helps explain why the proportions reported by The Citizen payments back to investors versus other outflows are central to the allegations. However, whether those patterns amount to criminal conduct depends on further verification, tracing of funds, and legal processes.

What happens next and what to watch for

The Citizen’s reporting identifies the immediate next steps as formal investigations and insolvency processes: criminal investigation activity at Sandton police station, and a proposed end to business rescue followed by liquidation proceedings. Readers and affected parties should expect formal notices, court filings or statements from the business-rescue practitioner or relevant authorities if liquidation applications are launched or if the police release further information.

For anyone seeking to verify details or follow the official record, useful documents to request or monitor include the business-rescue practitioner’s reports, any liquidation application or order, and confirmation or details of the criminal docket from the relevant police or prosecuting authority. These records provide the primary documentary evidence investigators and courts will use.

Careful distinction: allegations versus findings

The Citizen characterised Libertas as having “hallmarks of a Ponzi scheme on [a] grand scale,” but the reporting and the attendant criminal allegations are attributed claims, not determinations of guilt. Investigations and verification of the international transactions and full financial exposure were reported to be ongoing.

As with any matter that involves potential criminal charges and insolvency, legal outcomes will rest on evidence examined in court or in formal insolvency processes rather than on media accounts or preliminary affidavits alone.

Joburg readers with direct financial stakes should follow official notices from the business-rescue practitioner, the company (if it issues statements), and law-enforcement announcements for definitive developments.