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Mpumalanga businessman arrested after attempting to avoid 75 financial charges
Police apprehended the alleged fraudster after he was found in contempt of court after not honouring an appearance in early June
Image for illustrative purposes. Picture: Neil McCartney / The Citizen
The Director of Mbhasi Trading is to appear in court on Wednesday,19 June 2024, after being arrested on a contempt of court charge.
Earlier this month, Mbhasobi Zulu and his lawyer were due in court for consultations on 4 June but failed to appear. An arrest warrant was issued for Zulu, who was arrested in Barberton on Tuesday,18 June.
The 41-year-old’s most recent charge will be added to the 75 charges relating to alleged fraud and financial crimes committed between September 2020 and January 2021.
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Zulu is accused of defrauding investors in a profit-sharing scheme. His charges range from fraud to theft and money laundering, among others.
“The victims deposited the money [and] they did not benefit from the profit-sharing investment scheme. Instead, they lost their money,” confirmed Hawks spokesperson Captain Dineo Sekgotodi.
The Secunda-based Serious Commercial Crime Investigation Unit (SCCIU) carried out the arrest on Tuesday. The accused was charged and detained, pending his court appearance. The investigation is continuing,” added Sekgotodi.
Suspect allegedly defrauds clients of over R1 million
Zulu’s first appearance was in August 2022 after honouring a summons issued by the Hawks’ SCCIU.
In one instance of alleged dubious dealings, he is said to have defrauded a couple of over R1 million by promising returns on a lump sum investment, as per Ridge Times.
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Sekgotodi explained that after a contract was signed with the couple, several EFTs totaling roughly R3.9 million were made by them to Zulu’s company between September and October 2020.
When the time came to honour his contractual obligations, Zulu is alleged to have been dishonest with the couple.
“The suspect sent a fraudulent proof of payment from his account on August 8, alleging that the total transfer amount of R3,91m did not all reflect on the receiving account and the couple suffered a total loss of R1,25m,” Sekgotodi explained.
