I bought R1.8m Maserati to get an overdraft, Ocean Basket owner tells judge

schumi

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The owner of a struggling Johannesburg restaurant told a judge he bought a R1.8m Maserati to improve his credit record.
But with the SUV missing, a debt that has ballooned to R2.7m and an overdraft rejection letter on his desk, Charles Renney failed to convince acting judge Jenine Khan to throw out WesBank's repossession application.
The owner of the Ocean Basket in Rosebank now has to produce the Maserati Levante he bought in May 2019 and hand it over to the finance company. But he claimed to have no idea how to find the car.

He told the high court in Johannesburg that four months after buying the vehicle and signing up for six years of R34,000 monthly instalments, he handed the vehicle and its keys to someone he knew only as “Bongani”.

Bongani said he would sell the car and hand the proceeds to WesBank, said Renney, but he now believed the man and his partner, “Abdul”, were part of a fraud syndicate involving staff at WesBank.
Khan said he had no evidence, adding that Renney and his business, Mazel Foods, may well be the victims of fraud “but this is a result of their own actions and not [WesBank's]".
In the affidavit he signed in response to WesBank's repossession application, Renney said a car salesperson introduced him to Bongani and Abdul when he had difficulty getting finance for a Mercedes-Benz in December 2018. They secured a loan from Standard Bank.
Early in 2019, he asked Bongani and Abdul to help him secure an overdraft. The Rosebank Mall Ocean Basket was not doing well and he needed it to tide him over while he sought a buyer for the restaurant, said Renney.
“Abdul and Bongani analysed his financial situation and concluded that [Renney] needed to improve his credit score before an application for an overdraft facility was likely to be granted,” said Khan.
"[Renney] was advised that the best way to do this would be to enter into an instalment sale agreement for a vehicle.”
The two men arranged finance with WesBank, according to Renney. He signed for the diesel SUV without reading the paperwork and collected it from Maserati Sandton on May 15.

“During August 2019, [Renney] received confirmation that a credit card facility with a R50,000 credit limit had been approved for him but the overdraft facility promised to him had not materialised,” said Khan.

The following month, Bongani said he had a buyer for the car who would pay off the WesBank account, and Renney handed over the keys.

He had since reported the theft of the vehicle to the police and engaged a private investigator to find it, he said, but it remained missing.

More at: https://www.timeslive.co.za/news/so...-an-overdraft-ocean-basket-owner-tells-judge/
 

ForceFate

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Insurance fraud gone wrong.


My take? Obtain the car, stage car theft, insurance pays up, sell car in a foreign market such as Zim; instant cash. But it looks like "Bongani" and "Abdul" did not stick to the script.
 

NarrowBandFtw

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reminds me of a boss I had ages ago ... developed a taste for cocaine which he couldn't afford and when he was in too deep with the drug dealers supplying him he had to give them his fancy car as collateral for the outstanding debt he owed ...
 

Hemi300c

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reminds me of a boss I had ages ago ... developed a taste for cocaine which he couldn't afford and when he was in too deep with the drug dealers supplying him he had to give them his fancy car as collateral for the outstanding debt he owed ...
Probably something like this.
 

Mekon

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Oct 12, 2010
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Insurance fraud gone wrong.


My take? Obtain the car, stage car theft, insurance pays up, sell car in a foreign market such as Zim; instant cash. But it looks like "Bongani" and "Abdul" did not stick to the script.
Yep. Seems Wesbank have come to the same conclusion. A friend of mine used to work for Stannic and the fraud investigators had a collection of wild stories.
 

Hemi300c

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Insurance fraud gone wrong.


My take? Obtain the car, stage car theft, insurance pays up, sell car in a foreign market such as Zim; instant cash. But it looks like "Bongani" and "Abdul" did not stick to the script.
99% of policies exclude theft cover under false protences.
 

saor

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For an owner of a restaurant he seems to make very poor financial decisions, nevermind life decisions.
He told the high court in Johannesburg that four months after buying the vehicle and signing up for six years of R34,000 monthly instalments, he handed the vehicle and its keys to someone he knew only as “Bongani”.
Wtf actually.
 

krycor

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Insurance fraud gone wrong.


My take? Obtain the car, stage car theft, insurance pays up, sell car in a foreign market such as Zim; instant cash. But it looks like "Bongani" and "Abdul" did not stick to the script.

Also think this is a case of trying to score on crime that it is possible but it backfires
 
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