Bogus investment scammer Moeketsi Ntshasa has been remanded in custody.
This after a long search for the Integrated Investment Inn founder who has scammed clients of R10-million in investments.
Ntshasa appeared at the Ladybrand magistrate’s court Tuesday on charges of fraud, money-laundering, contravention of section 7 of Financial Advisory and Intermediary Services Act and contravention of section 11 of the Banks Act.
Free State Hawks’ spokesperson Christopher Singo said Ntshasa promised his clients a 10% increase on their initial investment within 30 days but later vanished with the loot.
“The victims did not receive their money as promised and the company is no longer available from their place of business in Ladybrand. As a result, the victims suffered a total loss of more than R10-million,” said Singo.
Ntshasa was arrested on August 15 by a multi-disciplinary task team in West Rand.
“On 6 May 2022, the Hawks’ serious commercial crime investigation team based in Bethlehem released a statement where they asked the public to assist in tracing Ntshasa who can help unlock the ongoing investigation of a bogus investigation scheme in Ladybrand,” said Singo.
Ntshasa is expected back in court on August 23 for a formal bail application.
Follow @SundayWorldZA on Twitter and @sundayworldza on Instagram, or like our Facebook Page, Sunday World, by clicking here for the latest breaking news in South Africa. To Subscribe to Sunday World, click here.
