Gambler blames bank after racking up R2.6 million debt in six day online casino spree
Iol
A gambler who amassed R2.6 million in debt due to a bank error is facing sequestration after failing to repay the funds.Summary
A gambler, identified as VZ, accrued R2.6 million in debt over six days of online gambling with Investec Bank, exceeding his R150,000 credit limit due to an internal system error. The bank is seeking sequestration, arguing VZ is insolvent. VZ blamed the bank for “reckless credit” practices, claiming they allowed him access to excessive credit. However, the Western Cape High Court ruled in favor of Investec, stating VZ is liable for at least the authorized credit limit of R150,000 and his repayment proposals demonstrated indebtedness. The court found his claim of reckless lending inconsistent with his acknowledgement of the credit limit and placed him under provisional sequestration.
(Source：Iol)