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Flashy director of KZN forex company arrested and charged on 194 counts of fraud

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Flashy director of KZN forex company arrested and charged on 194 counts of fraud

The director of a forex company, which operated predominantly in northern KwaZulu-Natal, has been arrested and charged on 194 counts of fraud, theft and the contravention of assorted financial acts.

Director of Born Rich Crew, Prince Nkosinathi Mazibuko, 28, was once arrested by contributors of the Hawks for defrauding other folks of a sum of R735,000 for the duration of 2015.

Characterize: Instagram/@priince_nrb

Multimillionaire and director of Born Rich Crew, Prince Nkosinathi Mazibuko, 28, handed himself over to contributors of the Hawks’ severe organised crime unit in Pietermaritzburg on Thursday after being served with a summons.

Early Newspaper

Hawks spokesperson Capt Simphiwe Mhlongo stated Mazibuko faced 194 counts of fraud, theft, contravention of the Financial institution Act, contravention of the Financial Institutions Act, and contravention of the Financial Advisory and Middleman Products and services Act.

“All over Could possibly well additionally 2015 and June 2015, Mazibuko allegedly lured victims to make investments their money in his company. He allegedly assured them that they’d receive a monthly return of 80% of their invested capital. On the different hand, Mazibuko by no methodology paid the promised monthly returns or the hobby encourage to the complainants.

“The total price eager is R735,000.”

Mhlongo stated a case of fraud was once reported at Pietermaritzburg police station and the case docket was once allocated to the Hawks contributors from Pietermaritzburg severe industrial crime unit for investigation.

Mazibuko is identified for his flashy, luxurious standard of living. His Instagram profile is littered with pictures of excessive-cessation vehicles and pictures of himself donning costly attire.

He is predicted to seem within the Durban specialised industrial crime court on February 26.

TimesLIVE (TMG Digital)

Orrin Singh

Source:
Flashy director of KZN forex company arrested and charged on 194 counts of fraud

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