Black Child Billionaire co-founder gets suspended sentences after people of Phuthaditjhaba lost R500,000 investment

  • 📰 TheStar_news
  • ⏱ Reading Time:
  • 63 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 59%

Singapore News News

Singapore Singapore Latest News,Singapore Singapore Headlines

The Hawks are still hunting for Black Child Billionaire co-founder, 27-year-old Lebohang Ernest Maboea, and believed to be hiding in either Gauteng or Free State.

One of the infamous Phuthaditjhaba fraudsters was found guilty in the Bethlehem Commercial Crimes Court for fraud and money laundering, the Directorate for Priority Crime Investigation said on Tuesday.

Neo Patrick Makhokolo, 29, was sentenced on charges of fraud, contravention of the Banks Act 94 of 1990, contravention of the Financial Advisory and Intermediary Services Act 37 of 2002, and money laundering.“Makhokolo went on a rampage between 2018 and 2019 using a fraudulent company called ‘Black Child Billionaire’,” said Hawks Free State spokesperson, Lieutenant Colonel Zweli Mohobeleli.

“A number of Phuthaditjhaba residents joined an invest scheme through this company with promises of interest ranging between 25% and 100% in just a month,” he said.The victims reported the matter when returns on investment were not forthcoming, said Mohobeleli. “The accused was sentenced to four years imprisonment, suspended for five years on three counts of fraud, four years imprisonment, suspended for five years on three counts of contravention of the Banks Act, four years imprisonment, suspended for five years on three counts of contravention of the Financial Advisory and Intermediary Services Act, and five years imprisonment, suspended for five years on three counts of money laundering,” he said.

Mohobeleli urged anyone with information on Maboea’s whereabouts to contact the police or Crime Stop on 086-001-0111.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 26. in SG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Singapore Singapore Latest News, Singapore Singapore Headlines