Arrested KZN Forex company director facing 194 counts of fraud
Mazibuko will face charges of fraud, theft, the contravention of Banks Act, contravention of the Financial Institutions Act and contravention of the Financial Advisory and Intermediary Services Act.
A Pietermaritzburg-based forex trader has been arrested and is set to face 194 counts of fraud and theft at the Durban Specialised Commercial Crimes Court on February 26, The Citizen reports.
Prince Nkosinathi Mazibuko is alleged to have conned over 40 people out of an amount of up to R735,000 through his Forex company Born Rich Group.
He allegedly conned victims into investing their money into his company, dating as far back as May 2015.
Police spokesperson Captain Simphiwe Mhlongo said that over 40 people had come forward alleging that Mazibuko assured a monthly return of 80 percent of their invested capital.
“A case of fraud was reported at Pietermaritzburg police station and the case docket was allocated to the Hawks members from Pietermaritzburg serious commercial crime investigation for a thorough investigation,” said Mhlongo.
Mazibuko will face charges of fraud, theft, the contravention of Banks Act, contravention of the Financial Institutions Act, contravention of the Financial Advisory and Intermediary Services Act.
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