A fraudster convicted of defrauding more than 250 people in the Free State of millions of rands was given a hefty prison term when he was sentenced on his birthday. The Bethlehem Commercial Crimes Court, yesterday, 22 February, sentenced Caleb Ntuli (41) to seven years’ direct imprisonment and his scheme, Tshwaranang Stokvel, to a fine of R1.7 million.
Charges against both the conman and the investment scheme range from fraud, money laundering, and contravention of the Financial Advisory and Intermediary Services (FAIS) Act. The sentencing is the culmination of the investigation by the Bethlehem-based Hawks’ Serious Commercial Crime Investigation team.
Col Zweli Mohobeleli, provincial spokesperson for the Hawks, said Ntuli and his scheme were found guilty on charges of fraud and money laundering. He said the scheme’s fine of R1 million regards the charge of fraud and the R700 000 for money laundering, adding that the sentences of fines were each suspended for five years.
“The scheme was registered, but not as financial service provider. Ntuli ran the scheme between 2016 and 2019, promising investors an interest return of 30% to 50% within a period of 30 days. More than 250 victims invested their hard-earned cash into Tshwaranang Stokvel and did not get any returns,” said Mohobeleli.
According to him, all the victims lost a cumulative amount of about R8 million. He said no money was recovered to compensate the 250 victims.
Mohobeleli said after fraudulently making his fortune, Ntuli vanished, leaving the victims poorer. The conman was, however, traced and arrested by the Bethlehem Hawks’ Serious Commercial Crime Investigation team at a hide-out in Palm Ridge, Gauteng, in September 2022.
