The Hawks’ Serious Commercial Crimes Unit in the Free State has cracked down yet another suspected scammer regarding a fraudulent get-rich-quick investment scheme. The organised crime fighting directorate has arrested Moeketsi Ntshasa (36) regarding a fraudulent scheme, known as Integrated Investment Inn, through which ordinary citizens lost R15 million.
His arrest on 15 August followed an intensive search since May this year. Ntshasa reappeared in the Ladybrand Magistrate’s Court on Tuesday (23/08) for bail application. He faces numerous charges that include fraud, money laundering, contravention of section 7 of financial advisory and intermediary services act and contravention of section 11 of the Banks Act.
Capt. Christopher Singo, provincial spokesperson for the Hawks, said Ntshasa was nabbed at his hiding place in Gauteng. He was arrested by Gauteng-based members of Crime Intelligence in West Rand, Hawks’ Serious Organised Crime Investigation in East Rand, K9 and Flying Squad.
According to Singo, 500 victims have opened cases thus far. The victims became aware they were scammed after the company disappeared from where it initially operated from in Ladybrand.
According to Singo, Ntshasa was the prime suspect in the scheme that operated from 2018 until 2021. The victims reportedly suffered a total loss of R15 million which they invested with a promise of getting an interest return of 10%.
Investigations have been ongoing since May this year after victims opened cases.
Another alleged fraudster from Ficksburg is on trial for allegedly defrauding 38 people who invested money with a promise of receiving 50% interest on return within 30 days. The suspect, Motsamai Samuel Nyamane (48) operated a scheme called Sea of Mountains. He allegedly scammed the victims from April until December 2018.
According to Singo, the victims lost more than R600 000, combined. Nyamane has been released on bail set at R10 000.