The Free State Hawks’ Priority Crime Specialised Investigation team continued its investigations against alleged bogus investors Moeketsi Ntshasa (29) and Phetogo Molosi (26), which has yielded another preservation in fixed property. The preservation comes just days ahead of the duo’s trial, set to continue from 4 to 6 November in the Ladybrand Magistrates’ Court.
Capt. Christopher Singo, provincial spokesperson for the Hawks, said the team, together with the Asset Forfeiture Unit (AFU) in Bloemfontein, have secured a forfeiture order of a fixed property estimatingly valued at R2,9 million after their successful application in the Free State High Court. The elite crime-fighting wing earlier this year secured an order to preserve a luxury house valued at R2,9 million belonging to the fraud-accused. He said both luxury properties were situated in the Free State town Ladybrand.
The forfeiture order is in relation to an ongoing, fraudulent get-rich-quick scheme, Integrated Investment, the accused operated in Ladybrand during the period of 2018 to 2021. Victims invested their money into bogus scheme with a promise of getting an interest return of 10% within a period of 30 days. “The victims did not receive their money as promised. As a result, they suffered a total loss of R21 million,” said Singo.
The get-rich scheme operated through the Integrated Investment foreign-exchange (forex) market.
According to the Hawks, 500 victims have opened cases after they became aware that they were scammed after Ntshasa vanished, and Integrated Investment closed from where it operated in Ladybrand. Charges against Molosi and Ntshasa include 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 Hawks’ in-depth investigations revealed that the scheme was not registered as a financial services provider. The fraud-accused pair is currently out on bail of R10 000 each.
