The Hawks\u2019 Serious Commercial Crimes Unit in the Free State has cracked down yet another suspected scammer regarding a fraudulent get-rich-quick investment scheme. The organised crime fighting directorate has arrested Moeketsi Ntshasa (36) regarding a fraudulent scheme, known as Integrated Investment Inn, through which ordinary citizens lost R15 million. <\/p>\n\n\n\n
His arrest on 15 August followed an intensive search since May this year. Ntshasa reappeared in the Ladybrand Magistrate\u2019s Court on Tuesday (23\/08) for bail application. He faces numerous charges that include fraud, money laundering, contravention of section 7 of financial advisory and intermediary services act and contravention of section 11 of the Banks Act. <\/span><\/p>\n\n\n\n Capt. Christopher Singo, provincial spokesperson for the Hawks, said Ntshasa was nabbed at his hiding place in Gauteng. He was arrested by Gauteng-based members of Crime Intelligence in West Rand, Hawks\u2019 Serious Organised Crime Investigation in East Rand, K9 and Flying Squad.<\/p>\n\n\n\n According to Singo, 500 victims have opened cases thus far. The victims became aware they were scammed after the company disappeared from where it initially operated from in Ladybrand. <\/p>\n\n\n\n According to Singo, Ntshasa was the prime suspect in the scheme that operated from 2018 until 2021. The victims reportedly suffered a total loss of R15 million which they invested with a promise of getting an interest return of 10%.<\/p>\n\n\n\n Investigations have been ongoing since May this year after victims opened cases.<\/p>\n\n\n\n Another alleged fraudster from Ficksburg is on trial for allegedly defrauding 38 people who invested money with a promise of receiving 50% interest on return within 30 days. The suspect, Motsamai Samuel Nyamane (48) operated a scheme called Sea of Mountains. He allegedly scammed the victims from April until December 2018. <\/p>\n\n\n\n According to Singo, the victims lost more than R600 000, combined. Nyamane has been released on bail set at R10 000.<\/p>\n","protected":false},"excerpt":{"rendered":" The Hawks\u2019 Serious Commercial Crimes Unit in the Free State has cracked down yet another suspected scammer regarding a fraudulent get-rich-quick investment scheme. The organised crime fighting directorate has arrested Moeketsi Ntshasa (36) 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