Prince Nkosinathi Mazibuko is alleged to have conned over 40 people an amount of up to R735,000 through his forex company Born Rich Group.
He allegedly conned victim into invest their money into his company, dating as far back as May 2015.
Police spokesperson Captain Simphiwe Mhlongo said that over 40 people had come forward alleging that Mazibuko assured a monthly return of 80% of their invested capital.
“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 a thorough investigation,” said Mhlongo.
Mazibuko will face charges of fraud, theft, the contravention of Banks Act, contravention of the Financial Institutions Act, contravention of the Financial Advisory and Intermediary Services Act.
Editor’s note: In an earlier version of this post, it stated that Mazibuko had been arrested. This is not factually correct and The Citizen regrets the error.