A cannabis entrepreneur and his business associates are facing a case of fraud for allegedly swindling a group of investors out of a staggering R70-million meant for a business venture to produce and sell medical grade cannabis to the overseas market.
It is alleged that Willem van der Merwe and two of his business associates convinced international investors to pay €3.5-million in his cannabis business, Dacha Corporation. The funds were for the cultivation, harvest, packaging, and sale of medical cannabis.
Sunday World has seen documents, including a contract between the investors and Van der Merwe's Dacha Corporation. It was agreed that payments to fund the venture would be split. A portion would be transferred into his South African bank account, and the other in crypto currency.
According to the documents, as soon as money was transferred into his business account, Van der Merwe allegedly started moving investor money from his company account into his wife's bank account. This was done in a series of payments.
Read more at sundayworld.co.za