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Businessman bust for selling R2.3m in funeral policies without 'required documentation'

26 June 2021 - 09:44 By philani nombembe
The Hawks arrested Khayelitsha burial society owner Mlondolozi Maseti in February for contravening the Financial Advisory and Intermediary Service Act.
The Hawks arrested Khayelitsha burial society owner Mlondolozi Maseti in February for contravening the Financial Advisory and Intermediary Service Act.
Image: 123RF/scanrail

A Cape Town businessman who collected R2.3m for unauthorised funeral policies will spend the next three years under correctional supervision.

Mlondolozi Maseti, 47, was sentenced in the specialised serious commercial crimes court in Bellville on Wednesday.

Hawks spokesperson Lt-Col Philani Nkwalase  said the Hawks arrested Maseti in February after investigations revealed he had collected more than R2.3m from “multiple individuals” for funeral cover.

“Maseti, a businessman based in Khayelitsha, utilised his business called Zwelonke Burial Service as a financial service provider without the required documentation, therefore contravening the Financial Advisory and Intermediary Service Act,” said Nkwalase.

Maseti was sentenced to a further five years' imprisonment, suspended for five years.

Acting provincial Hawks head Brig Mushavhaduvha Ramovha warned the public to “be vigilant and jealously guard their finances against unscrupulous people, ensuring that the entities they conduct business transactions with are operating legally”.  

TimesLIVE


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