What you need to know about the 'scam' ex-Chiefs spin doctor Tshakoane was arrested for

Police arrested former Kaizer Chiefs public relations officer Louis “Sprinter” Tshakoane on Tuesday for his alleged involvement in an illegal investment scheme.

Tshakoane was arrested after speaking at the funeral of Alex Shakoane at the International Assemblies of God church in Mamelodi on Tuesday. 

A police officer, who asked not to be named as he is not allowed to speak to media, told SowetanLIVE the Hawks waited for him to finish his speech before arresting him.

WHAT IS THE SCHEME?

Tshakoane and his wife have been implicated in an alleged illegal forex and cryptocurrency pyramid investment scheme by his son Louis Tshakoane Jr, known as Undercover Billionaires.

At least in the beginning, Tshakoane Jr pitched Undercover Billionaires as a “network of entrepreneurs”. He gave presentations at churches and other gatherings to invite people to seminars where he discussed how to get rich. He sold tickets to the seminars.

At the seminars he name-dropped international billionaires such as “uncle” Sir Richard Branson and included “testimonials”.

The Hawks said between 2014 and 2018, the Tshakoanes persuaded unsuspecting people around the country to bankroll the scheme, with the promises of higher than normal returns.

It is alleged the family pocketed about R27m.

The family's company was not registered with the Financial Sector Conduct Authority (FSCA), thus were not allowed to invest other people's money. 

While an arrest warrant was out for his parents, Tshakoane Jr dared those investigating him to attend his Johannesburg investment seminar “so we can teach them how to trade forex for real”.

SowetanLIVE reported the company's website listed it as the “world's most exclusive international business awards ceremony and professional network”.

It claimed to have access to 50,000 aircraft and 130 different types of aircraft.

“We provide aircraft charters to business professionals to maximise their time efficiency.”

WHAT HAVE 'VICTIMS' SAID?

Andile Mayisela accused Tshakoane Jr of luring him to invest R300,000 in the scheme, saying he promised him 25% on investment returns. 

Others said they invested thousands, but only got excuses when they tried to withdraw their money.

Kedibone Somfula said she invested more than R20,000.

“I have no hope in them being arrested. They've eaten the money. They lived a luxury life,” she said.

Nikiwe Lekola said she put in R1,500 in the hope of making more money.

“I have given up that they will find them. I have let it go. I don't know why they can't find him. I have decided to move on,” said Lekola.

One of Tshakoane Jr's top recruiters, Tumelo Mashiane, said he lost R50,000.

“The investors went crazy with the prospect of how much money they could make. We would encourage people to take out loans even if they couldn't afford to. The people we were talking to were uneducated and didn't know what was going on.”

WASN'T HE INVOLVED IN ANOTHER ALLEGED DODGY DEAL?

In 2019, TimesLIVE Premium revealed Tshakoane was also looking into a lucrative oil refinery development in mid-2017 with the KwaDube traditional council in eMpembeni, near Richards Bay in KwaZulu-Natal.

According to Nduna Nkosenjani Dube, spokesperson for the KwaDube traditional council, Tshakoane arrived with an international mining delegation and held a meeting with the council of the late Inkosi Msawenkosi Dube.

“Louis Tshakoane was talking about an oil refinery which was going to affect many people. He had a company called Igugu Lamakhosi.”

SO HOW DID SPRINTER END UP WITH AN ARREST WARRANT?

A case of fraud was opened against Tshakoane Jr in July 2017 and he handed himself over in March the next year.

Investigations by the Hawks found his parents complicit when attempts were made to get them to account.

“It soon became clear they were absconding, hence warrants for their arrest have been issued,” the Hawks said at the time.

HOW LONG HAS HE BEEN ON THE RUN?

The Hawks issued warrants of arrest for Tshakoane and his wife in 2019.

SO THEY COULDN'T FIND HIM BEFORE THIS?

The timing of Tshakoane's arrest was questioned by many, with neighbours telling Sowetan he was accessible.

“Are they rich, because I always see them driving fancy cars? He didn’t act like someone who was in hiding because I’d see him driving out of his house to pick up his grandchildren from school. They are friendly neighbours and I’ve known them for a long time,” said one.

Another said he saw Tshakoane on Monday but had not seen him for a while before that.

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