Premium Journalist
1 minute read
28 May 2019
11:07 am

Cops hunt ex-soccer spin doctor and wife over illegal multimillion-rand investment scheme


Undercover Billionaires is a group of inspiring individuals who accumulate wealth with' meaningful style and grace'.

Photo: Supplied

Arrest warrants have been issued for former Kaizer Chiefs spin doctor Louis Tshakoane and his wife Komane for allegedly running a multimillion-rand investment scheme known as Undercover Billionaires.

Directorate for Priority Crime Investigation (Hawks) spokesperson Captain Ndivhuo Mulamu said the couple was on the run after allegedly luring people to invest in the illegal scheme with promises of higher than normal returns on their capital, which they ultimately lost. Their son Louis Junior Tshakoane, 29, handed himself over to police, accompanied by his parents in 2017, after a case of fraud was opened against him.

“It is alleged that between 2014 and 2018, the Tshakoanes, persuaded unsuspecting funders around the country to bankroll an alleged illegal investment scheme known as Undercover Billionaires. Further investigations revealed that the family’s company was not registered with the Financial Sector Conduct Authority (FSCA). Further investigations have implicated both his parents and when attempts were made to get them to account, it soon became clear that they were absconding, hence warrants for their arrest have been issued.”

The young Tshakoane was granted R70,000 bail and is set to appear again in court on June 6. He was once featured on Vuzu TV “Rich Kids” programme, flaunting luxury cars, clothes and jewellery. According to its Instagram page, Undercover Billionaires is a ”group of inspiring individuals who accumulate wealth with meaningful style and grace.” The Tshakoane’s son is pictured and listed as the president.

– African News Agency (ANA)

For more news your way, download The Citizen’s app for iOS and Android.