Court denies bail to banker linked to international drug cartels

A suspended banker and his co-accused who are believed to be “first receivers” for international drug cartels had their bail denied on Friday.

Raed Cupido, 40, and co-accused Christopher Carlese, 36, returned to the dock at the Cape Town Magistrate's Court for arguments and judgment in their bid for bail.

The court heard that Cupido’s legal team of advocate Reuben Liddell and attorney Bruce Hendricks withdrew due to "a lack of financial instructions and ethical reasons".

Cupido is now being represented by attorney Junaid Jumat, who also represents Carelse in the matter.

Cupido was arrested on June 10, allegedly with 15 bricks of cocaine worth an estimated street value of R18 million, an AK-103 Rifle, Uzi Pro Rifle, five semi-automatic firearms and 130 rounds of ammunition inside a storage unit in Roeland Street.

Meanwhile, Carelse is alleged to be his accomplice, with the State claiming that they are so-called “first receivers” of drugs being smuggled into the Cape.

The court previously heard from investigating officer Lieutenant-Colonel Christiaan van Renen that video footage at the storage unit on May 9 saw Cupido carrying a brown cardboard with white-coloured items, identified as cocaine bricks.

Cupido rented unit 869 while Carelse rented unit 868 which are located next to each other.

Van Renen said: “I submit that the shape and dimensions of the box been carried by [Cupido] when compared with the box found in [Carelse’s unit] containing cocaine, are a match, according to my observations.”

The court heard that both accused were denied bail and their case was postponed to September 10 for further investigation.

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