The fraud case against alleged conman Moeketsi Ntshasa (36) is set to continue in the Ladybrand Magistrate’s Court tomorrow, 14 December.
He is appearing regarding a fraudulent scheme, known as Integrated Investment Inn, through which ordinary citizens lost R15 million.
He was remanded in custody since his arrest on 15 August by the Hawks’ Serious Commercial Crimes unit. He was traced to his hiding place in Gauteng by the crime intelligence team in West Rand.
Ntshasa has remained in custody after the state turned down his application for bail.
He faces numerous charges that include fraud, money laundering, contravention of section 7 of the Financial Advisory and Intermediary Services Act, and contravention of section 11 of the Banks Act.
Capt. Christopher Singo, provincial spokesperson for the Hawks, said 500 victims have opened cases thus far. The victims became aware they were scammed after the company that Ntshasa had been operating disappeared from where it was initially situated in Ladybrand.
It emerged the get-rich-quick investment scheme was operational from 2018 until 2021.
According to Singo, the victims reportedly suffered a total loss of R15 million, which they invested with the promise of getting an interest return of 10%.
