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High Court Strips R4 Million from Liebenberg’s Diamond Ponzi Scheme
Pretoria’s decisive ruling
The High Court in Pretoria has dealt another blow to disgraced diamond dealer Louis Liebenberg and his wife, Desiree. Judges granted a final forfeiture order against R4 million linked to their fraudulent investment network, ensuring the money will now be redirected to the state. The funds were sitting in a Standard Bank account under ZencoCare, a company tied to the couple, and are part of the wider Forever Diamonds and Gold group.
For the National Prosecuting Authority’s Asset Forfeiture Unit, this is a significant win. They confirmed the seized funds will flow into the Criminal Assets Recovery Account, which is used to strengthen efforts against organised crime and corruption.
Following the money
Investigators revealed that ZencoCare, run by Desiree Liebenberg, had moved R5 million to attorneys in 2024. Of that, R1 million was reportedly paid to Eskom for mining-related activities. The remaining R4 million was frozen and has now officially been seized by the court.
The money was initially earmarked for the purchase of West Coast Resources, a diamond mining company in the Northern Cape. Instead, it has been redirected to the state after the court confirmed it was tied to fraudulent activities.
How the scheme worked
According to the NPA, the Liebenbergs enticed investors with promises of lucrative short-term returns linked to diamond parcels. These parcels, however, never existed. The funds collected were shuffled between accounts to pay earlier investors, a hallmark of a Ponzi-style scheme.
The charges against the couple and their associates are sweeping. They face 42 counts of fraud, five of racketeering, six of money laundering, and additional statutory offences. The accused list includes not only Louis and Desiree but also Magdelena Petronella Kleynhans, Johannes Petrus Badenhorst, Helena Dorothea Amy Schulenburg, Adriaan Dewald Strydom, Christelle Badenhorst, Nicolize van Heerden, and Walter Niendinger.
What comes next
The group is set to appear before the Bronkhorstspruit Magistrates’ Court on 25 November 2025. While Louis and Desiree remain behind bars, seven of their co-accused are currently out on bail.
Public attention on the case has been heightened not only by the size of the alleged fraud but also by Louis Liebenberg’s controversial behaviour in court. During earlier proceedings, he interrupted hearings with rants about prison conditions, religious claims, and accusations of bias against officials. His outbursts have only deepened public curiosity about how such a large-scale scheme was allowed to unfold.
Why it matters for South Africans
For many investors who lost their savings, the forfeiture of R4 million may feel like a small step in the long road to justice. Yet it also sends a broader message that fraudulent investment schemes will not go unchallenged. The NPA has vowed to continue stripping away assets gained through illegal means, closing loopholes that allow criminals to profit from deception.
This latest ruling adds to the pressure on the Forever Diamonds and Gold group and its directors, underscoring how South Africa’s courts are willing to use asset forfeiture laws to ensure crime does not pay. For the public, it is a reminder to remain wary of get-rich-quick schemes, particularly in industries such as mining, where promises of wealth can mask elaborate scams.
Also read: Soweto Taxi Boss Gunned Down: Police Launch Manhunt After Highway Hit
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Source: The Citizen
Featured Image: Radio Rosestad
