The trial hearing against alleged bogus investors, Moeketsi Ntshasa (28) and Phetogo Molosi (26), is set to continue from 4 to 6 November after it was postponed on Monday, 15 July. The fraud case is being handled in the Ladybrand Magistrates’ Court and regards acts of fraud estimated at R21 million through the Integrated Investment foreign-exchange (forex), get-rich-quick scheme.
The duo is facing charges of fraud, theft, money laundering, contravention of section 7 of the Financial Advisory and Intermediary Services Act, and contravention of section 11 of the Banks Act. The fraud-accused pair of Ntshasa and Molosi are currently out on bail of R10 000 each.
The case originates from their dismal failure to pay 500 victims who had invested different amounts of monies in the Integrated Investment scheme operated in Ladybrand. The victims invested with the promise of getting 10% in return for monies invested.
Probing by the Hawks’ Serious Commercial Crimes unit, the team revealed the bogus investment was operational from 2018 until 2021. Strides made by the elite crime-fighting wing has seen a luxury house valued at R2,9 million belonging to the fraud-accused, also preserved by the Asset Forfeiture Unit (AFU).
Ntshasa was arrested on 15 August 2022 by the crime intelligence team in West Rand, who traced him to his hiding place in Johannesburg.
