Director of KZN forex company charged on 194 counts of fraud to appear in court on Friday

The director of a forex company which operated predominantly in northern KwaZulu-Natal has been charged on 194 counts of fraud, theft and the contravention of various financial acts. 

Multimillionaire and director of Born Rich Group, Prince Nkosinathi Mazibuko, 28, was charged by members of the Hawks' serious organised crime unit in Pietermaritzburg on February 11 after being served with a summons.  He will appear in the specialised commercial crime court on Friday.

Hawks spokesperson Capt Simphiwe Mhlongo said Mazibuko faced 194 counts of fraud, theft, contravention of the Bank Act, contravention of the Financial Institutions Act, and contravention of the Financial Advisory and Intermediary Services Act.

“During May 2015 and June 2015, Mazibuko allegedly lured victims to invest their money in his company. He allegedly assured them that they would receive a monthly return of 80% of their invested capital. However, Mazibuko never paid the promised monthly returns or the interest back to the complainants. The total value involved is R735,000,” he said.

Mhlongo said a case of fraud was reported at Pietermaritzburg police station and the docket was allocated to the Hawks members from Pietermaritzburg serious commercial crime unit for investigation.

Mazibuko is known for his flashy lifestyle. His Instagram profile is littered with pictures of him standing next to high-end vehicles and donning expensive clothing. 

In an earlier version, TimesLIVE incorrectly reported that Mazibuko had been arrested based on confirmation from the Hawks. 

However, Mazibuko has denied that he was arrested, but said he had received a summons to appear in court on Friday. 

“I received a summons to come to court and I am going to come to court - I am not running away,” he said. 

We apologise for the error. 

TimesLIVE