Court Granted Former CFO Accused of R91 Million Fraud Bail

Lumka Mahanjana
NPA Regional Spokesperson
Gauteng Division Pretoria photo by Dimakatso Modipa

By Lumka Mahanjana
NPA Regional Spokesperson

The Pretoria Magistrates’ Court has granted bail of R80 000 to former Chief Financial Officer of Riskfin, Willem Venter (40), from Garsfontein.

Venter is facing a charge of fraud amounting to R91 million.

It is alleged that between 2024 and 2025, the accused used the same modus operandi to defraud multiple clients.

He allegedly offered clients financial services, and once agreements were concluded, they transferred funds to him.

However, Venter failed to render the agreed services and did not refund the clients.

It is further alleged that he transferred company funds into his personal bank account.

After the complainants alerted the company director, the matter was reported to the police.

Following investigations, Venter was arrested at his residence and made his first court appearance on 24 November 2025.

During the bail application, Prosecutor Chris Maruma opposed the accused’s release because he is a flight risk, as he is married to a Zambian national and disclosed only one passport in his affidavit despite having two.

It was also submitted that one complainant had reported interference with a witness after the case was opened.

However, the Magistrate found that exceptional circumstances existed that justified granting bail.

The matter was postponed to 21 February 2026 for further investigation.