KEY POINTS
- Liebenberg’s case was postponed until July, with a bail hearing set for February 25.
- He is accused of running a Ponzi scheme, defrauding investors of over R4 billion ($208 million).
- His estate was placed under sequestration, with authorities tracking hidden assets.
The Bronkhorstspruit Magistrate’s Court has postponed the case against diamond dealer Louis Liebenberg, his wife Dezzi, and seven co-accused until July 8, 2025, as the accused face 42 charges, including fraud, theft, racketeering, and money laundering.
Fraud case against Louis Liebenberg delayed until July
Liebenberg, accused of running a massive Ponzi scheme, will also appear separately on February 25 for his bail application.
The State argues that he remains a flight risk, given the scope of the allegations and his history of concealing assets.
During Tuesday’s hearing, Liebenberg appeared in court, exchanging affectionate gestures with his wife, Dezzi.
The two passed letters to each other through a court official, with Dezzi reportedly saying, “I love you,” in a dramatic display.
Prosecutors allege that Liebenberg hid over R200 million ($10.4 million) from authorities, following a widely circulated video in which he boasted about his wealth.
Ponzi scheme allegations and hidden millions
The diamond dealer Liebenberg gained notoriety through his alleged practice of swindling new investors with social media advertisements about unpolished diamond investments.
The State demonstrated Liebenberg defrauded investors to the tune of R4 billion ($208 million) since 2019, thus establishing this scheme as South Africa’s largest Ponzi scandal.
Prosecutors have charged that Liebenberg deceived investors through his fictitious diamond syndicate which he used to obtain funds he spent on personal extravagances and wagering.
His legal troubles worsened when the Gauteng High Court in Pretoria ordered provisional sequestration of his estate because evidence revealed R150 million ($7.8 million) debt to his previous firm Tariomix.
Legal battles and pending investigations
Liebenberg and his wife faced arrest at a Gauteng restaurant on October 22, 2024, after five years of financial investigations.
While dealing with his legal problems Liebenberg states that he will fully assist the investigation and promises he will not attempt to flee.
According to IOL, his legal team argues that he should be released on bail until the trial resumes in July.
Public attention toward the case has intensified due to thousands of defrauded investors who demand justice.
The authorities work to uncover his financial activities while the potential exists to file new charges against him.
