Not only have the current recessionary conditions wreaked global economic mayhem, they have also washed out many fraudulent irregularities. The most significant being the numerous Ponzi schemes that were operational during the booming years.

Perhaps the most significant Ponzi scheme of the century was operated by US Ponzi king, Bernie Madoff, whose $65-billion Ponzi scheme also fell prey to the economic collapse. Perhaps a recession is not always a bad thing. We count down South Africa's biggest fraud cases.

1. Miracle 2000

Investors in the Miracle 2000 scheme had to pay a registration fee of R50 and were allowed to invest a minimum amount of R300. In return, they were promised returns of up to 200 percent after 42 days.

Main instigator: Sibusiso Radebe

Victims: More than 30 000 people, mostly poor blacks, fell prey to Radebe's promises to grow rich effortlessly.

Amount defrauded: About R20-million was invested in Radebe's infamous pyramid scheme.

What happened to the mastermind: In 2002, Radebe was sentenced to three years in jail for contravening the Banks Act and conducting harmful businesses practices.

What you didn't know: After being arrested on fraud, theft and contravention of the Banks Act charges, Radebe was released on R1-million bail, at the time the highest amount ever to be granted by a South African court.

In a court appearance Radebe said, "during 1 June 1999 to July (2000) at Boksburg and Spruitview I wrongfully and unlawfully accepted deposits from the general public.

"I was aware that my conduct was unlawful as I wasn't registered as a public company or a bank in terms of the Banks Act. The interest rate offered was more than 1700 percent a year, and therefore not economically viable," Radebe confessed.

2. Masterbond Group saga

The Masterbond Group was established in 1984 and operated until 1991, when the cracks of irregular business practises started showing. The directors pretended that the institution was registered at the Reserve Bank which boosted investor confidence.

Main instigators: Koos Jonker, Johannes Winckler, and Nicolaas Brits formed the Masterbond Group.

Victims: 22 000 mostly elderly people invested their pension funds.

Amount defrauded: R509-million was initially unaccounted for but curators recovered about R342-million.

What happened to the masterminds: The trio was jailed for 32 years, but was released on parole in 2001, after serving only six years behind bars.

The sad, sad consequences: 16 of the investors committed suicide after they lost nearly all of their life-savings.

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