In a statement, the financial watchdog said it received information that Lamba is conducting an unregistered business and offering shares to members of the public on social media and other broadcasting platforms, promising them unrealistic returns.
FSCA said Lamba was linked to amongst other companies – Mandla Lamba Billionaires Club, Agilitee, Verityhurst Academy, and Verityhurst Capital – and said that it should be noted that the below companies are also not authorised in terms of the Financial Advisory and Intermediary Services Act.It is alleged that Lamba masterminded several fraudulent deals and online scams through which he made a small fortune to finance his lavish lifestyle.
In 2011, Lamba appeared in Orlando Magistrate's Court on charges of fraud for allegedly swindling taxi owners out of hundreds of thousands of rands. The charges related to an alleged scam where Lamba approached taxi owners and promised to help them acquire new taxis. The taxi owners then paid a deposit of R40 000, and when nothing materialised, they laid charges. Lamba also faced a charge of theft involving about R480 000.
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So you want us to believe taxi owners opened a case instead of dealing with him the taxi owner way........hayi suka
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