Man and his investment scheme company found guilty of fraud
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A 41 years old investment scheme company owner, Tshwaranang Stokvel, has been found guilty of fraud and money laundering by the Bethlehem Commercial Crimes Court.
Caleb Ntuli convinced over 250 people in Free State to invest in the company promising them a 50% interest within 30 days. The said victims invested their hard-earned cash with an added value of R 8 million into Tshwaranang Stokvel between 2016 and 2019.
Not long after investing the money, Ntuli went AWOL when the victims started not receiving dividends.
He was later on arrested on September 17th, 2022 in Palm Ridge Gauteng.
His company [Tshwaranang Stokvel] was found guilty of fraud and sentenced to a fine of R1 million suspended for five years and R700 000 suspended for five years for money laundering. While its owner, Caleb Ntuli, was sentenced to an effective seven years imprisonment for fraud and money laundering
