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 (known as the Hawks) 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.
He was also declared unfit to possess a firearm.
“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 Hawks said four known victims lost a cumulative amount of over R500,000.
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.
Makhokolo was ordered to repay one of the victims R18,000 in instalments of R1,500.
“Co-founder of Black Child Billionaire, Lebohang Ernest Maboea is still being sought by the Hawks.
“The 27-year-old Maboea is on the run and believed to be hiding in either Gauteng or Free State. He was arrested in July 2021, released on bail, but failed to appear in court on a number of occasions,” said Mohobeleli.
Mohobeleli urged anyone with information on Maboea’s whereabouts to contact the police or Crime Stop on 086-001-0111.
“You may also leave an anonymous tip-off on My SAPS App.”
IOL