KWAZULU-NATAL – On 11 February 2021, Prince Nkosinathi Mazibuko (28) was charged with 194 charges of fraud alternatively theft, contravention of Bank Act, contravention of the Financial Institutions Act, contravention of the Financial Advisory and Intermediary Services Act.
During May and June 2015, Mazibuko allegedly lured victims to invest their monies in his company. He allegedly assured them that they will receive a monthly return of 80% of their invested capital.
However, Mazibuko never paid the promised monthly returns nor the interest back to the complainants. The total value involved is R 735 000.00. A case of fraud was reported at Pietermaritzburg police station and the case docket was allocated to the Hawks members from Pietermaritzburg Serious Commercial Crime Investigation for thorough investigation.
He will appear in the Durban Specialised Commercial Crime Court on 26 February 2021.
