A gambler has found himself in deep trouble after accumulating a staggering R2.6 million in debt during a six-day online gambling spree.
This financial chaos was made possible by an internal system error at Investec Bank, which allowed him to exceed his authorised credit limit of R150 000.
As Investec Bank seeks to recover its money, the gambler, known only as VZ, claims that the bank’s “reckless credit” practices enabled him to access more credit than he could afford.
The bank turned to the Western Cape High Court, where it applied for VZ’s provisional sequestration. It held that the man is insolvent and the only way the bank can get its money back is by placing his estate under sequestration.
According to the bank, the man owes it…