South African Crypto Firm NTC Global at Center of Murder, Alleged Scam
Investigations reveal that NTC Global Trade Fund, a South African cryptocurrency investment company, is linked to the murder of Johannesburg liquidator Bouwer van Niekerk and is accused of operating a large-scale Ponzi scheme. A forensic report details how investor funds were misappropriated for luxury expenses rather than crypto trading.
The Murder of Bouwer van Niekerk
Bouwer van Niekerk was assassinated in September 2025 at his office in Saxonwold, Johannesburg, while representing investors attempting to recover funds from NTC Global Trade Fund . The murder remains under investigation, with no arrests made as of March 1, 2026, according to police spokesperson Col Dimakatso Nevhuhulwi .
Ponzi Scheme Allegations and Misappropriated Funds
A forensic investigation by PricewaterhouseCoopers (PwC) found that NTC Global Trade Fund operated as an illegal bank, diverting hundreds of millions of rands to entities controlled by company head Edwin Thabo Letopa and his partners, Marius Venter, and Sakhile Matsimela . The investigation covered the period from December 9, 2022, to December 12, 2023, and focused on a detailed cash-flow analysis of NTC.
The company allegedly swindled investors out of millions of rands through a Ponzi or pyramid-type scheme, falsely claiming funds were used for crypto arbitrage trading. PwC clarified that its report does not offer legal opinions on the matter .
Luxury Spending Revealed
The forensic report details how investor funds were not invested in crypto trading platforms but were instead channeled through multiple accounts and spent on luxury items. A cash-flow analysis revealed 42 transactions totaling R126.9 million, including:
- R8.5 million paid to a law firm
- R342,000 for private jet flights
- R891,300 and R550,000 for gold purchases from the Scoin Shop
- R790,000 paid to VIP Travel Company
These findings suggest a significant misappropriation of investor funds .
Liquidation and Investor Claims
NTC Global Trade Fund was provisionally liquidated in September 2025, days after Van Niekerk’s murder . Approximately 1,300 to 1,500 investors countrywide are believed to be affected, with an estimated total loss of R490 million . Twenty-five investors successfully pursued legal action to force the company into liquidation .
NTC’s Response
Gavin Wilschutt-Prins, representing Letopa and NTC, stated that the PwC report is an incomplete and incorrect “audit opinion from the lawyers” and that their legal team has a forensic legal report to counter the findings . Letopa previously denied any involvement in Van Niekerk’s assassination .