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Last year December, the National Consumer Commission responded to the upsurge of these scams by adding the Yima tool to its website, which aimed to enable consumers to protect themselves before parting with their money.

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Sizwe sama Yende 

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Two Free State get-rich quick scammers have been sentenced while one had his house repossessed in a three-month period, which sends a stern warning that police are on the tail of fraudsters.

The Free State seems to be a playground for forex and investment scammers, which have saturated the whole country with the boom of cryptocurrencies, promising people an easy path to riches.

Last year December, the National Consumer Commission responded to the upsurge of these scams by adding the Yima tool to its website, which aimed to enable consumers to protect themselves before parting with their money.

Free State police and the courts have so far scored victories in the fight against the scams.

On June 4 2024, the Ladybrand Magistrates' Court sentenced David Albert Titus (40) to an effective 11 years imprisonment for fraud and money laundering. Titus was also declared unfit to possess a firearm. 

Titus, according to the Free State Directorate for Priority Crimes Investigation (DPCI) or the Hawks,  lured his victims to invest money in his scam with a promise that they would earn a 20% monthly interest.

The victims invested a cumulative R900 000. “One of the victims, who had sowed R100 000, alerted the police when dividends were no longer forthcoming,” said provincial Hawks spokesperson, Lt Colonel Zweli Mohobeleli.

Mohobeleli said the Bethlehem Serious Commercial Crime Investigation detectives investigated the matter and hauled Titus before court. 

Acting head of the Free State DPCI, Brigadier Xolani Matroos, has since advised investors to use the services of reputable financial institutions and accredited financial experts.

On May 17, the Bethlehem Commercial Crimes Court convicted and sentenced Lebogang Maboea (28) for fraud.  Maboea defrauded people through his investment scheme called Black Child Billionaire between 2018 and 2019.

Mohobeleli said that he inveigled community members in the Eastern Free State to invest money into the scheme with the promise that they would get 50% interest in 30 days.

“None of the people who invested got paid. As a result, a fraud case was opened against Maboea,” said Mohobeleleli.

Maboea was sentenced to three years direct imprisonment for seven counts of fraud, two years imprisonment which is suspended for five years for seven counts of contravention of the Banks Act, and two years imprisonment which is wholly suspended for five years for 13 counts of contravention of the Financial Advisory and Intermediary Services Act. The sentences will run concurrently.

In April, the Ladybrand Magistrate’s Court issued an order to preserve  flamboyant forex trader Moeketsi Ntshasa’s R2.9 million house.

Ntshasa (28) allegedly scammed 146 individuals of their hard-earned cash before he vanished, and had to be tracked by police.

Ntshasa ran a forex company, Integrated Investment Inn, through which investors lost about R21 million. When he felt he had collected enough, he abandoned his investors in 2021 and went to live in Johannesburg where police found him in 2022.

Police said that Integrated Investment Inn was a registered company with the Companies and Intellectual Property Commission (CIPC) but was not registered as a financial services provider.

Ntshasa and his partner, Phetogo Molosi (26), have already appeared in the Ladybrand Magistrate’s Court several times. Their next appearance will take place from 15 to 19 July 2024 on fraud, theft, and money laundering through their forex trading business.

Ntshasa’s Facebook page showcased his luxurious lifestyle and he had a tendency throwing in motivational phrases about making money and being wealthy. The couple got engaged in the Maldivez Islands, south Asia, in 2021.

Maldivez Islands is known for its pristine beaches and holiday resorts.