A 36-year-old man who duped several people in the eastern Free State into putting money into a bogus investment scheme promising them handsome returns within a month appeared in the Ladybrand Magistrates Court this week facing several charges including fraud and money laundering.
Moeketsi Ntshasa, 36, made his first court appearance after he was arrested by a multi-disciplinary police team in Gauteng on Monday.
The Hawks provincial spokesperson Captain Christopher Singo said the arrest follows a notice put out by the unit’s Serious Commercial Crime Investigation team based in Bethlehem in May asking the public to assist in the tracing of Ntshasa in connection with an investigation into a bogus investigation scheme in Ladybrand.
“Information was then received by the police that Ntshasa is in Gauteng,” said Singo in a statement.
“Members of Crime Intelligence in the West Rand Gauteng, Hawks’ Serious Organised Crime Investigation team based in East Rand, K9 and the Flying Squad based in Johannesburg followed up on the information and arrested Ntshasa . . .” he added.
It is alleged that between 2018 and 2021, Ntshasa convinced his victims to invest their money into a company known as Integrated Investment Inn with a promise of getting a return of 10 percent within a period of 30 days.
The victims did not receive their money as promised and the company is no longer operational and has since deserted its place of business in Ladybrand.
As a result, Singo said, the victims suffered a total loss of more than R10 million.
Besides fraud and money laundering charges, Ntshasa is also accused of contravening Section 7 of the Financial Advisory and Intermediary Services Act as well as contravention of Section 11 of the Banks Act.
He is expected back in court next Tuesday for a formal bail application. – Staff Reporter