The Johannesburg Specialised Commercial Crimes Court denied alleged fraudster Ntokozo Myles Ndlovu bail on 19 June. He is accused of running a R5-million fraud investment scam.
Ndlovu (34) was allegedly running an investment scheme between 2010 and 2017 through the DMD Capital (Pty) Ltd and Profit Trading companies, the licences of which have since been revoked by the Financial Services Board. He allegedly lured unsuspecting investors to pay R10 000 to R500 000 with the promise of high commissions.
“Ndlovu failed to honour his part of the deal. Investors became suspicious when he cut all communication channels, before absconding with their money. The matter was referred to the Hawks who have been on his trail since the beginning of this year,” said Captain Ndivhuwo Mulamu, spokesperson for the Hawks.
Ndlovu was arrested at a posh hotel in Sandton following an entrapment operation by the Hawks. He will reappear in court on 29 June where he will make a formal bail application.
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The provincial head of the Directorate for Priority Crime Investigation, Major General Prince Mokotedi, applauded investigators for their tireless efforts which eventually led to the arrest of the suspect.
“We will leave no stone unturned in this matter,” he said. “We have been receiving countless messages from victims all over the country and we believe this is just the tip of the iceberg. With more people coming forward, we believe the money victims invested is expected to swell to millions. Investigations are still continuing and we want to call upon anyone who might have fallen victim of such a crime to come forward.”
Anyone with additional information regarding Ndlovu’s alleged deception can contact the investigating officers, Captain Zenzele Sithole on 082 319 9944 and Lieutenant Colonel Frank Mlambo on 071 481 3695.
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