News24

Pyramid scheme: R4.4m con in 3 days

2012-08-22 22:14

Pietermaritzburg - A KwaZulu-Natal government administrator allegedly used his office to store millions of rand he made through an illegal pyramid scheme, the KwaZulu-Natal High Court in Pietermaritzburg heard on Wednesday.

The scheme was allegedly run by arts and culture department Ulundi administrator Linda Jethro Njoko, Zandile Lady-Prince Mathebula, Khanyesile Prince Ngema, Thabo Nxumalo and Petros Mandel.

They have been accused of establishing the investment club, Inzuzu and Inthuthuku Investments, and of telling elderly people their money would be invested in the Johannesburg Stock Exchange.

The State said there was no evidence that money was invested in any reputable institution.

According to court documents, people were persuaded to hand over R300 to the scheme, and were promised it would grow to R1 000 within a week or two.

Police investigator Ariel Moloi alleged that the group operated outside a shop in Ulundi and collected nearly R4.4m in three days.

Investors were invited into a building where they handed over the money and were given a receipt. No formal contracts were signed.

Motlalekhotso Molelle, of he KwaZulu-Natal asset forfeiture unit, said R3.35m was seized by police in Ulundi and preserved by the court in March.

In February, Njoko and Nxumalo reported that they had been hijacked while transporting R1.3m to Njoko's office in a car boot. They said the money was stolen.

Comments
  • fdalana - 2012-08-22 22:33

    get rich quick scams will last until the last lazy person is buried.

      wilhelm.grobbelaar - 2012-08-23 07:26

      Which won't happen soon enough. The thing is though that you still get idiots who fall for it. Same with this absa email I get regularly that says I must input my online banking information to update it. So many people fell for that. So the only reason that these kind of cons work is cause many people are to stupid to realize they are being conned.

      andre.vandeventer.16 - 2012-08-23 07:35

      William, it's clear that you know nothing of companies and shareholding!

  • JevonMarshallJohnson - 2012-08-22 22:35

    oh sure they were hijacked!!!! absolute bollocks!!!

      art5SA - 2012-08-23 04:54

      Oldest tale in the book... HAHAHAHAAA!!!

  • jaded.oldfart - 2012-08-22 22:51

    firstly: why can't comments be made in normal english, instead of some pseudo-language that is almost unintelligible and no shorter than the correct terminology? i suggest we all start reporting these idiotic statements so that they are removed secondly: the numbers indicate that there are at least 14000 brain-dead zombies roaming KZN. be very afraid....! WWZ is upon us!

      beki.khumalo - 2012-08-23 07:00

      You are an old fart for sure....

      wilhelm.grobbelaar - 2012-08-23 07:28

      ahm. I'm not sure Your comment relate to the comment and the terminology u use is also not very accurate. So kindly post something that makes more sense.

  • jalo.kula - 2012-08-22 22:59

    R4.4m rand in 3 day. At R300 per person that means 14 667 people. Jeez they were busy!

      fredster.mania.5 - 2012-08-23 06:48

      If only he had this focus on his own work

      wilhelm.grobbelaar - 2012-08-23 07:31

      We must not forget now that he works for government and therefore don't get paid well........ O yea, they do get paid well and only pay 50%tax (previous friend of mine is working for government) where the government pay the rest. So I'm not sure what the excuse will be now.

  • lownabester - 2012-08-22 23:00

    I need a job in goverment, and quick. How do people get awaywith this or why are there still peoplebelieving in these quick rich scams.

      art5SA - 2012-08-23 04:55

      Those miners that were killed by the Cops, paid a sangoma to become "INVISIBLE"..... That is the calibre of people we talking about!

  • aphiwe.mayola - 2012-08-22 23:04

    \Hijacked\ lmao, n people just took their word 4 it I suppose. This is funny, I must say,nice 2 find something lighthearted for a change its been an awful coupla weeks. :)

  • graham.greeff - 2012-08-22 23:26

    OMG When will this ever stop ? Sorry it will never stop. And what will happen, suspended on full pay, body guards and the rest !

  • boltonbarry - 2012-08-23 10:31

    "lady-Prince" WAAAAAAAAAAHAAAAAAAAAAAHAAAAAAAAAAAAHAAAAAAAAAAAAHAAAAAAAAAAA

  • boltonbarry - 2012-08-23 10:34

    R3000 000 AT R300 is ten thousand people !!!!!!!

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