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Flashy KZN forex trader Prince Mazibhuko nabbed by the Hawks for 194 counts of fraud.

Trésor_Botaka
By Trésor_Botaka | self meida writer
Published 15 days ago - 1307 views

12 February 2020


13:56


Johannesburg, South Africa


Trésor Botaka


The head of a forex organization, which worked prevalently in northern KwaZulu-Natal, has been captured and charged on 194 checks of extortion, burglary and the contradiction of different monetary acts. 

Multimillionaire and overseer of Born Rich Group, Prince Nkosinathi Mazibuko, 28, has been seized by a Hawks unit in Pietermaritzburg on Thursday subsequent to being presented with a summons. 

Hawks representative Capt Simphiwe Mhlongo said Mazibuko confronted 194 checks of misrepresentation, robbery, repudiation of the Bank Act, negation of the Financial Institutions Act, and contradiction of the Financial Advisory and Intermediary Services Act.

“During May 2015 and June 2015, Mazibuko allegedly lured victims to invest their money in his company. He allegedly assured them that they would receive a monthly return of 80% of their invested capital. However, Mazibuko never paid the promised monthly returns or the interest back to the complainants.


“The total value involved is R735,000.”

Story source:


https://www.timeslive.co.za/amp/news/south-africa/2021-02-12-flashy-director-of-kzn-forex-company-arrested-and-charged-on-194-counts-of-fraud/


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