- Prince Nkosinathi Mazibuko is said to have lured people to invest in his company with a promise of an 80% monthly return.
- He faces charges of fraud and contravening various financial acts involving R735 000.
- He will appear in the Durban Specialised Commercial Crime Court on Friday 26 February 2021.
KwaZulu-Natal Hawks have arrested a popular Forex trader on 194 charges ranging from fraud, theft, and contravening various financial acts to the tune of R735 000.
Prince Nkosinathi Mazibuko, 28, is accused of scamming people and getting them to invest in his company Born Rich Group (Pty) Ltd with the promise of an 80% monthly return.
“However, Mazibuko never paid the promised monthly returns nor the interest back to the complainants. The total value involved is R735 000.00,” said KZN Hawks spokesperson Captain Simphiwe Mhlongo.
He faces 194 charges of fraud alternatively theft, contravention of the Bank Act, contravention of the Financial Institutions Act, and contravention of the Financial Advisory and Intermediary Services Act.
Mazibuko is said to have lured people in during May 2015 and June 2015 and a case was opened in Pietermaritzburg and the case docket was allocated to the Hawks members from Pietermaritzburg Serious Commercial Crime Investigation.
In 2017 the Daily Sun reported that Sandton police were on the hunt for Mazibuko, who was 23 at the time, after allegations that he had defrauded people of millions.
Mazibuko made his name as a young millionaire who shared his flashy lifestyle on social media. His Instagram has since gone private.
He is due to appear in the Durban Specialised Commercial Crime Court on Friday 26 February 2021.