The Hawks’ Serious Commercial Crimes Unit in the Free State made a breakthrough in the case of yet another fraudulent get-rich-quick investment scheme in Ladybrand. This followed the arrest of the alleged conman Moeketsi Ntshasa (36) who operated a scheme known as Integrated Investment Inn.
Capt. Christopher Singo, provincial spokesperson for the Hawks, said Ntshasa was arrested on Monday (15/08) at his hiding place in Gauteng. He said the suspect was apprehended by Gauteng-based members of Crime Intelligence in West Rand, Hawks’ Serious Organised Crime Investigation in East Rand, K9 and Flying Squad.
Ntshasa is remanded in custody after appearing in the Ladybrand Magistrate Court on Tuesday (16/08). He faces charges ranging from fraud, money laundering, contravention of section 7 of financial advisory and intermediary services act and contravention of section 11 of Banks Act. He is expected to reappear on 23 August for bail application.
According to Singo, 500 victims have opened cases thus far – seemingly after losing money invested in Ntshasa’s bogus investment scheme. The victims became aware they were scammed after the company disappeared from where it initially operated from in Ladybrand. The bogus scheme operated from 2018 until 2021. “The victims have suffered a total loss of R15 million. They invested with a promise of getting an interest return of 10%,” said Singo.
According to Singo, Ntshasa was the prime suspect in the fraud scheme. Investigation has been ongoing since May this year after victims opened cases in the event of not receiving any returns on monies invested and the company disappearing.
