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A well-known Forex trader has been charged with 194 charges of fraud totaling R735k.
Abstract：The Hawks of KwaZulu-Natal have arrested a prominent Forex trader on 194 offences totaling R735 000, including fraud, theft, and violating numerous financial statutes. Prince Nkosinathi Mazibuko, 28, is accused of defrauding customers by promising an 80% monthly return on investment in his firm Born Rich Group (Pty) Ltd.
The Hawks of KwaZulu-Natal have arrested a prominent Forex trader on 194 offences totaling R735 000, including fraud, theft, and violating numerous financial statutes. Prince Nkosinathi Mazibuko, 28, is accused of defrauding customers by promising an 80% monthly return on investment in his firm Born Rich Group (Pty) Ltd.
“However, Mazibuko never paid the complainants the promised monthly returns or interest. ”The entire amount involved is R735 000.00, stated Captain Simphiwe Mhlongo of the KZN Hawks. He is charged with 194 counts of fraud, theft, violation of the Bank Act, violation of the Financial Institutions Act, and violation of the Financial Advisory and Intermediary Services Act, among other things.
Mazibuko is accused of luring individuals in between May and June 2015, and a case has been started in Pietermaritzburg, with the case docket being assigned to Hawks personnel from Pietermaritzburg Serious Commercial Crime Investigation.Mazibuko, who was 23 at the time, was wanted by the Sandton police in 2017 amid charges that he had scammed individuals out of millions of dollars.
Mazibuko rose to prominence as a young billionaire who flaunted his opulent lifestyle on social media. Since then, his Instagram account has been made private.On Friday, February 26th, 2021, he is scheduled to appear in the Durban Specialised Commercial Crime Court.
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