Black Child Billionaire fraudster sentenced while co-accused still on the run

Neo Patrick Makhokolo, one of the infamous Phuthaditjhaba fraudsters, has been found guilty by the Bethlehem Commercial Crimes Court.

Makhokolo was sentenced on Friday, 11 August 2023, for fraud, contravention of the Banks Act 94 of 1990, contravention of the Financial Advisory and Intermediary Services Act 37 of 2002, and money laundering.

He was also declared unfit to possess a firearm.

Rampage

Hawks Free State spokesperson Lieutenant-Colonel Zweli Mohobeleli, said the 29-year-old Makhokolo went on a rampage between 2018 and 2019 using a fraudulent company called Black Child Billionaire.

“A number of Phuthaditjhaba residents joined an investment scheme through this company with promises of interest ranging between 25% and 100% in just a month.

“Four known victims lost a cumulative amount of over R500 000. They reported the matter to the police when return on investment was not forthcoming,” said Mohobeleli.

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Mohobeleli said Makhokolo was sentenced to four years imprisonment, suspended for five years, on three counts of fraud, four years imprisonment suspended for five years on three counts of contravention of the Banks Act.

He also received four years imprisonment, suspended for five years, on three counts of contravention of the Financial Advisory and Intermediary Services Act, and five years imprisonment, suspended for five years, on three counts of money laundering.

Makhokolo was also ordered to repay one of the victims R18 000 in instalments of R1 500.

Wanted

The co-founder of Black Child Billionaire, Lebohang Ernest Maboea, is still being sought by the Hawks.

“The 27-year-old Maboea is on the run and believed to be hiding in either Gauteng or Free State. He was arrested in July 2021, released on bail but failed to appear in court on a number of occasions,” Mohobeleli said.

The Hawks has urged anyone with information on the whereabouts of Maboea to contact their nearest police station or Crime Stop on 08600 10111.

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