A man has appeared in the Johannesburg Commercial Crimes Court for allegedly defrauding unsuspecting investors of R5 million.
Ntokozo Myles Ndlovu is alleged to have defrauded people who invested in his company between 2010 and 2015.
“Ndlovu was running an investment scheme… through the DMD Capital PTY LTD and Profit Trading‚ the licenses thereof were since revoked and withdrawn by the Financial Services Board‚” said Hawks spokesperson Captain Ndivhuwo Mulamu.
Ndlovu allegedly lured unsuspecting investors to pay R10,000 to R500,000 with the promise of high commissions‚ but he failed to honour his part of the deal‚ said Mulamu.
“The matter was referred to the Hawks who have been on his trail since the beginning of this year.
“On Thursday‚ Ndlovu was arrested at a posh hotel in Sandton following an entrapment operation by Hawks and some of his clients who were pretending to be potential investors.”
Ndlovu is due back in court on June 29 for a formal bail application.
Provincial Hawks boss Major General Prince Mokotedi applauded members' tireless efforts which eventually led to the arrest of the suspect.
The Hawks are appealing to anyone who has information regarding Ndlovu's alleged fraudulent activities to contact Captain Zenzele Sithole on 082 319 9944 and Lieutenant Colonel Frank Mlambo on 071 481 3695.
- TimesLIVE
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