After his arrest last weekend, the man behind the controversial Rudco home loan scheme has been put behind bars at Pollsmoor Prison. Rudie Visagie is being accused of alleged fraud and money laundering as well as various contraventions of the Companies and National Credit Acts.

In 2007, Visagie ended up in the newspapers after various insurance brokers started to market a mortgage product he had developed. These home loans were fixed at 6 percent for the life of the loan. A number of

When the National Credit Regulator liquidated Rudco two years ago, it appeared Visagie had a criminal record, and therefore he should never have been allowed to do what he did, and to become director of Rudco. Despite this, Visagie continued with his housing schemes, including a scheme called Grande Properties, with his son as the director.

In the meantime, Visagie's attorney Rashaad Khan, who also attorney for ex-Fidentia boss Arthur Brown, has applied for bail. The state is opposed to this. Source: Source: Moneyweb